Buyer Qualifies with a 388 Credit Score With No Money Down - Incredible!
While doing a lender-related search, I stumbled upon this old blog of Greg Nino's. TOO FUNNY! If you need a good laugh to end your day, read on!
Yesterday I deleted all but one of the 239 spam emails from my inbox. We've all seen the emails that read.. "APPROVED BUYER WITH 400 CREDIT SCORE."
So I decided to call Wynaldo with Wynaldo Back Door Lending. His email read.. "EVERYONE IS APPROVED." Obviously this was gonna be a reallllllly long shot, but what they hey I thought.
Much to my surprise Wynaldo was able to fully approve my buyer, even though he has a 388 credit score. Here's what my buyer ended up with:
1. A 5.73% interest rate, 30 year fixed-rate.
2. Down payment assistance from the local Rotary Club, over $12,000 in forgiven loans.
3. Total loan fees of only $120.00.
4. Escrow fee waived.
5. Rebate from other Realtor totaling 1%
6. A brand new freezer at closing.
7. $400 gift card to Starbucks.
Wynaldo was able to clear all conditions and get the buyer FULLY approved in just 72 hours. The loan was stated, no doc, too.
Wynaldo met the buyer in person and took the application through his I-Phone all while ordering the appraisal IN ADVANCE! He was so sure that the buyer would be approved that he ordered it EARLY!
Did I mention my buyer was able to FINANCE his earnest money, appraisal fee and home inspection? All he has to do is show up to closing. My buyer ended up financing 180% of the loan.
There's a few things I'm concerned about though....
1. Wynaldo lives in Russia and says he's licensed to practice loans world-wide, part of some NATO agreement with Bank of America & former President Pushit.
2. Wynaldo says he owns oil wells in all 51 states.
3. My buyer isn't employed, nor is he even a U.S. citizen. Now that I think about it... I believe my buyer is also Russian. He loves that one Rocky movie... He constantly speaks about crushing people with his bare hands.
4. The title company that the lender wants to use is in a vacant warehouse behind a piggly wiggly.
5. My buyer actually gets a check at closing for $120,000. Something to do with remodeling the home.
6. And I already have an approved hud showing my commission is at 10%
None of this would be funny if it hadn't been so close to the truth in years past.
The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Greg Nino.
Comments(0)