Desparate officer

Are you a loan officer, Jeanette?

You need more info than that.

Is it full doc?

Do you/they have assets in reserve?

Do they have judgements or tax liens?

Do they have active tradelines? How many?

One of the best sources for current lender programs is the Scotsman Guide. Do a google search for them and you will find their lender matrixes. This only helps if you are in the mortgage business and understand how a loan is structured.

Hello Eric Matthews,
Thanks for replying

To answer your question I am a loan officer but new in the business.
It is a full doc
no judgement or tax liens
no active tradelines.

I hope I answered all your questions. Can you help me?

Thanks for your honest reply. I guess I just might have to go to the hard money lenders which is what I was trying to avoid.

That will open up a whole new load of questions.

BE VERY CAREFUL AND DILLIGENT WHEN DEALING WITH SO CALLED "HARD MONEY LENDERS"

I have seen from experience that most hard money is just that, hard money. I wouldn't take to much they say to be true. I am not going to name names but I have never had a good experience with a "hard money lender".

I honestly think that most of them are just "lead generation" companies looking to sell your customers info to countless other companies.

The questions you need to ask them are these...
Do you fund your own loans?
Do you guarantee my customers privacy?
Do you broker loans?

Not to be the bad messenger but I don't think it helps anyone to use these types of lenders. I know you want the deal, and your customer probably says he/she doesn't care but they will when the $%#@ hits the fan.

Take this statement as you will, but keep in mind that I mean it in the best way. YOU ARE RESPONSIBLE FOR YOU CLIENT, NOT NECESSARILY LEGALLY SINCE YOU WORK FOR THE BANKS, BUT DEFINATELY MORALLY AS A HUMAN BEING SHARING THIS WORLD WITH OTHERS.

As a loan officer it is your job to understand the whole loan, not just the rate and term. The internal terms of a mortgaqe can have just as much of an effect on value as the interest rate does. Just because some bank approves someone doesn't mean it is a good deal for the client.

Eric, I understand what you are saying about the hard money lenders. Who will I go to then if I dont go to the hard money lender since other lenders will not touch her? She will go into foreclosures if I don't use the hard money lenders. I dont know where else to turn.

The question that comes to my mind is this, and take it how you will. Do you really want to help them or do you just really want a commission? I ask this in all seriousness and with all due respect. All loan officers have to make the decision at some point... When is it too much? Will refinancing someone at a 14% interest rate to prevent foreclosure really help them? Or will they still be foreclosed on 6mos.-1 year from now anyway with this new lender? Typically a hard money lender is only going to loan money on a house with a ton of equity that they know they can steal easily. And I say that in all seriousness. There is a reason they only do 60% LTV and below. They know the payments won't get made and they are on a gold mine.

You are responsible in my mind to understand the underlying contract that the lenders have your customers agree to. And they don't usually show that to LO's they only show the customer at closing(unless you are actually there at closing).

If you answer the prior question as yes you want to help and you are sincere then send me a private message of the whole scenario and I will see if there is anything I know of to help. Be as complete as possible without the personal info.

FHA FHA FHA
See if they qualify, need 3-4 tradelines (phonebills, rent, utilities, club membership) try that first. Unless you cant do FHA then you are in trouble. But tell me this if they dont have tradelines how come they got 510 score?

What does the tradelines do. They have a 510 score because of 90 (5)lates. No one wants to do FHA on her.

Hi Jeanette,

Does she has an alternative credit score either from the PRBC or any other organization which offers such scores? I'm saying this because she doesn't have a good credit score, but there are lenders who accept alternative scores. So, if she can be eligible for loans offered by such lenders, then I think that will be ok.

Regarding tradelines, they can be installment loans, credit cards, mortgages and even payments on utilities. So, when a borrower makes regular payments on these, it helps him build up a good score.

Now, considering the fact that she needs an FHA loan, you can talk to FHA approved lenders in this community. For that either you or the borrower can send the community a request for mortgage quotes, which will then be passed on to the FHA lenders. And, then if they feel they'll be comfortable offering the loan, they shall contact the person who sends the request and have further talks.

Hope this helps...

God bless you.

Samantha

Thanks Samantha.

Thanks for the explanation on tradelines and your suggestion. But can you also explain PRBC?

Thanks,
Jeanette

If the lates over 12 mon old she could do FHA (the real one not the agency lender programs) with manual underwrite and LOX and 3 alternate lines of credit.