Posted on: 17th Dec, 2007 07:44 pm
I don't have very good credit but good income. I'm looking to see if there are any banks out there that will do a 125% loan for poor credit. The way I have it figured even with the second @ around 12% I could easily handle the new payments. Also, my employer owes me a big favor and he (the company) may be willing to guarantee the second.
Any info would be helpful
Any info would be helpful
I don't think it will be easy gfor you getting a 125% loan, that too, with poor credit. But you have good income, so you can try out with conforming loans which are not score driven.
Hello Jimmew,
What is your credit score at present?
125% loan is usually a score driven program so you might have a little difficulty in qualifying for this. But you may shop for lenders and see if they are willing to work with you.
I think a conforming loan will be comparatively easier to get, as Mac has already suggested. Since you have a good income, lenders may go for a conforming loan even with a poor credit. But the interest rates might be a little higher.
There are many lenders in this community who visit the forums regularly. You may talk to them and request for mortgage quotes.
What is your credit score at present?
125% loan is usually a score driven program so you might have a little difficulty in qualifying for this. But you may shop for lenders and see if they are willing to work with you.
I think a conforming loan will be comparatively easier to get, as Mac has already suggested. Since you have a good income, lenders may go for a conforming loan even with a poor credit. But the interest rates might be a little higher.
There are many lenders in this community who visit the forums regularly. You may talk to them and request for mortgage quotes.
There are no 125% loans with low scores out there and there never were. And nowdays I dont think there any lenders out there that are still offering this. As far as your employer helping yo out somehow that is up to them.
Good Luck
Good Luck
Mac_7......As of know conforming loan rates are score driven. Fannie MAe changed those guidelines about a month ago and on a conforming loan max cash out is limited to 90% of the appraised value.
thank you Eugene for the voice of reason here.
thanks for the correct details Kalvesmaki:) and merry christmas in advance