Posted on: 22nd May, 2009 01:24 am
I have bad credit, someone told my you had to b behind to get a mod. now my good credit is gone and I found a great apartment building I want to buy short tearm tillI clean up my mnfico woold be I would like to find 100% financing and pay outlandishley. any ideas?
Hi dlz
It is correct that lenders generally accept the request for a loan modification only if your are delinquent in your mortgage payments. As you have mentioned that your FICO score has been lowered due to loan modification, it would be difficult for you to get 100% financing. In my opinion, you will require some down payment.
Thanks.
It is correct that lenders generally accept the request for a loan modification only if your are delinquent in your mortgage payments. As you have mentioned that your FICO score has been lowered due to loan modification, it would be difficult for you to get 100% financing. In my opinion, you will require some down payment.
Thanks.
100% Financing is not likely. And, please avoid telling lenders you purposely went late in attempts to get a modification. This will make most lenders shy away with out even considering your credit. It is not a good thing to know you went late when you really didn't have to. I hope this helps...
cresit depends upon 4 thing:
type of credit (Mortgage Credit, Consumer Credit, Public Records)
Debt Ratio
Max LTV
Credit Score (FICO scores)
The interest rate a lender will charge depends on these four main factors. If all the factors are great, the loan is assigned A grade and therefore qualifies for the best interest rate. If even one of the factor is not up to par, the quality of the loan is downgraded to A-, B, C, or D paper
type of credit (Mortgage Credit, Consumer Credit, Public Records)
Debt Ratio
Max LTV
Credit Score (FICO scores)
The interest rate a lender will charge depends on these four main factors. If all the factors are great, the loan is assigned A grade and therefore qualifies for the best interest rate. If even one of the factor is not up to par, the quality of the loan is downgraded to A-, B, C, or D paper
As your FICO score is less I think it is not possible to get 100% loan. Any lender will straight away reject your proposal fo 100% loan.
Days of 100% financing are gone and probably they may never come back. The current market situation is due to all the loan gimics and 100% finacing and see what it has caused.
So having said that, your only option would be a FHA loan, which requires you to put 3.5% down and they will finance the rest. You need to have a minimum of 620 qualify for FHA loan. With such a low down payment you will need to pau MIP (PMI) . WHich makes your monthly payment higher. You will have your PMI until you pay up to 20% of your principal.
Good luck. feel free to ask any questions.
So having said that, your only option would be a FHA loan, which requires you to put 3.5% down and they will finance the rest. You need to have a minimum of 620 qualify for FHA loan. With such a low down payment you will need to pau MIP (PMI) . WHich makes your monthly payment higher. You will have your PMI until you pay up to 20% of your principal.
Good luck. feel free to ask any questions.