It's true, it's true, it's darn true! In my 7 illustrious years in the Mortgage Business, 65% of my business has been Conforming Loans. You know, the Gold Card Elite who have the type of credit that warrants dinner and drinks at the White House. As crazy as the Market as been, Conforming Loans have remained the same. Yet, I've heard the echoes of a dried up Sub-prime Market....even rumors of it being totally dead.
Well, to sum it up in 2 words.....Not Quite.
We happen to be closing one today.
Check this out:
616 Credit Score
Large Judgement on Credit (which had to be paid off of course)
$100,000 cash-out
80% Loan To Value
The last 24 months of the borrower's mortgage history is scattered with 30 and 60 day lates.
CLOSED IN 3 DAYS!!!
And oh, one more small thing to consider.....it's a Stated Income Loan! The borrower happens to be Self-Employed.
The rate isn't too bad either.....8.5%!
The land of second chance financing hasn't disappeared yet.
We await the closing package....
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