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NLCINFO · #1 03-23-2005, 05:07 PM

I have been amazed at how many more lenders are trying to help folk with lower credit scores. I am equally amazed at how folk are believing that if their credit score is less than perfect that they cant by a home... that is just not true.... I am glad to be in the business. :)

desperato · #2 03-23-2005, 07:06 PM

Since there are more lenders out there in this business, what is the criterion that you have to have (ie. down payment, income, how house you qualify for, etc)?

Ally · #3 03-28-2005, 11:34 AM

Things like the amount that you can put down towards a house and your PMI could really affect what kind of loan that you get.

Wouldn't you have to pay higher fees?

bac31 · #4 04-20-2005, 08:27 PM

Does anyone know of a sample Letter of Credit? I want to buy a house but according to the lender I need to get a letter of credit.

If someone could help me I'd be grateful!

paulb123 · #5 05-02-2005, 08:22 AM

These situations happen when a borrower with poor credit 620 and under enters a retail bank. They will be turned away as quick as they enter, but all hope is not lost. I have been able to qualify loans for several people with a mid score as low as 500. Never give up hope on your dreams of owning a home. Why rent and waste your money.

Kind regards,
Paul Bibbo
paul@paulbibbo.com
516-775-7300 x280

abloans4u · #6 09-26-2005, 10:58 PM

Quote:

Originally Posted by paulb123

These situations happen when a borrower with poor credit 620 and under enters a retail bank. They will be turned away as quick as they enter, but all hope is not lost. I have been able to qualify loans for several people with a mid score as low as 500. Never give up hope on your dreams of owning a home. Why rent and waste your money.

Great Post, I agree

sexione · #7 11-13-2005, 03:27 PM

Getting loans is not too hard ..... but what about getting a loan with no money down for first time home buyers???

DonM · #8 11-14-2005, 07:20 PM

My scores were around 591 and I got a loan for 80,000 on my income alone. I had the seller pay the closing costs--they are allowed to pay up to 6% of the loan value. I think I had to put down at least 5% though. I also bought my rate down to 6.49%.(1% upfront to reduce rate 1/2%--so I put the max 3% allowed to reduce the rate by 1 1/2% ) I didnt think I did that bad with my score, 2 repos-one showing a balance,5 charge offs of which 2 Capital one accounts that still reported balances totalling 11,000.

Omega blood · #9 11-15-2005, 10:37 PM

Don where do you live (city) if you don't mind me asking.

DonM · #10 11-16-2005, 09:19 PM

Im near Pittsburgh, PA.