bad credit: Answer to Question - 530 credit score - 11/30/16 01:23 PM
Question: I have a 530 credit score and was told that I can get an FHA loan with a substantial down payment but the lender is giving me a hard time in getting the loan. What’s going on?
First, let’s understand what a 530 credit report looks like? Several factors can bring a score down that low (300 is the lowest). Perhaps the person has 1 credit card and 5 collection accounts that are currently reporting as delinquent. Almost always, collection account balances match the credit limit which further lowers the score. The person may have several collection accounts and no open … (2 comments)

bad credit: Subprime? Why Not? - 09/29/16 07:21 AM
Sub-prime lending is a much better option than Private or Hard money lending - if you qualify.
For a few years, I stopped doing conventional lending and switched to Hard and Private money lending. Hard money is hard cash. It requires 35% down, demands repayment within 6 to 12 months and rates can be pretty high (as high as 18%)! Private money may require less money down (maybe 20%), repayment may be 30 years and rates are usually around 8-12%. However, Private money is hard to find these days with the government making it harder for private people to lend money on primary … (1 comments)

bad credit: Sub-Prime Making a Comeback...Sort Of - 05/11/16 03:20 AM
What is Sub-prime loan? Sub-prime loans were programs available between 1992 and 2007 that allowed buyers and homeowners the ability to qualify for a loan when faced with credit, income or asset issues. People who worked in the industry during those times will remember the acronyms NINA (No Income/No Assets), SISA (Stated Income/Stated Assets), NISA (No Income/Stated Assets) or the term No Doc loans (No Income, No Assets, No Employment, No money down). The catch phrase was, “If you can fog up a mirror, you can get a loan”.
What happened to Sub-prime loans? There are a lot of conspiracy theories as … (0 comments)

Bill Polack, Bilingual Spanish Loan Officer in Southeast US. (First Option Mortgage)

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.

Suwanee, GA

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First Option Mortgage

Mobile: (404) 644 - 3295

Office: (404) 644 - 3295

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