The minimum Fico is now pretty much 640 for mainstream loans, and you need 720 for the best rates. I can still assist with Fico's in the mid 500 range. /// Credit improvement to get approved or get a better rate is inexpensive and can be done quickly. It is fickle business so Do NOT let your clients do this on their own. /// Make it a good week folks! - Paul :)
Renting out/buying without sale of current home
Renting out your current home and buying another may not be a bad idea. Or, a property can remain for sale, or there may be a sale pending. Here are some of the underwriting criteria that apply. And here are some of the current rules that apply to investment financing. Good to know...
Rates edge up again Rate survey
Mortgage rates were mixed the latest week, with long-term fixed-rate loans edging higher for the second consecutive period after a streak of record lows, according to Freddie Mac's weekly survey of mortgage rates. Read it.
Mortgage lates in the past 12 months
The common rule for mainstream type loans is that no mortgage lates are allowed in the past 12 months. I have a program that allows a one month late. Better not to have a late at all! If you have never had one and you slip up, see if you can get a goodwill adjustment (see below). If the late is inaccurate (happens all the time), you must fight it!
Goodwill adjustments
A single late, or overlooked payment can affect your credit score for years. A goodwill adjustment is a gesture from a creditor to re-age an account and report certain late payments as having been made on time. It is entirely up to the creditor, and rare for mortgages - so you need to ask nicely :)) Call and ask, and regardless of the reply, mail a letter also! Here is a sample letter you can use.
Available Check loan programs/features
- Direct lender: FHA, Fannie/Freddie, VA, USDA, Homepath, other.
- Formal same day approvals (subject to verifications)
- No MI financing to 90% LTV, $900,000
- Helocs (1st and 2nds) to 85% LTV
- Jumbo loans to $10MM
- Portfolio loans
- Condo (Fannie/FHA) certifications
- Sub 640 Fico loans
- Stated income loans (50%-70%. 500-700 Fico needed)
- Hard money loans
- 95% LTV Fannie Mae condo loans (exception basis)
- Loans for non-residents
- Rehab/renovation loans, including 203K
- Construction loans
- Non-warrantable property loans
- Commercial loans
_______________________________________
The art of life is to know how to enjoy a little and to endure very much.
William Hazlitt
Comments(0)