Posted on: 09th Jul, 2010 02:18 pm
Faith
IN WA
Have a declined Jumbo FHA Jumbo loan. Declined for income. Will approve after 6 months but we need the loan now. Have package ready to email.
Client FICO 680-700 $475,000 90% CLTV
Gift of Equity Purchase
Client been out of work 2 years to care for Father who had cancer. Back to work with "expected 3-5 year" employment letter and raise within 60 days. Under guidelines can be used as income projected.
Seller willing to pay for 2-1 buydown not rate buydown.
Client relocated for work. Living in home with family who are relatives of seller and will be contributing to mortgage, but credit scores under 600 recent BK from identity theft.
Company she is working for has set up an account to manage the mortgage payment for last 7 months while waiting for her to start.
Client getting divorce not finale but will receive 90k settlement in less than 6 months.
Client has owned property in her name before
soon to be ex-Husband will sign quit claim.
[size=9:332a48cc73][color=Red:332a48cc73][Contact details deleted as per forum rules. Thanks.][/color:332a48cc73][/size:332a48cc73]
IN WA
Have a declined Jumbo FHA Jumbo loan. Declined for income. Will approve after 6 months but we need the loan now. Have package ready to email.
Client FICO 680-700 $475,000 90% CLTV
Gift of Equity Purchase
Client been out of work 2 years to care for Father who had cancer. Back to work with "expected 3-5 year" employment letter and raise within 60 days. Under guidelines can be used as income projected.
Seller willing to pay for 2-1 buydown not rate buydown.
Client relocated for work. Living in home with family who are relatives of seller and will be contributing to mortgage, but credit scores under 600 recent BK from identity theft.
Company she is working for has set up an account to manage the mortgage payment for last 7 months while waiting for her to start.
Client getting divorce not finale but will receive 90k settlement in less than 6 months.
Client has owned property in her name before
soon to be ex-Husband will sign quit claim.
[size=9:332a48cc73][color=Red:332a48cc73][Contact details deleted as per forum rules. Thanks.][/color:332a48cc73][/size:332a48cc73]
Hi Faith,
With a credit score of less than 600, it would be difficult for your client to qualify for a loan. Even FHA approved lenders require the borrowers to have a credit score of 620. Moreover, you've mentioned that your client has also gone through a bankruptcy filing. Depending upon type of bankruptcy your client filed, she needs to wait for 2-4 years in order to get approved for a mortgage.
Thanks
With a credit score of less than 600, it would be difficult for your client to qualify for a loan. Even FHA approved lenders require the borrowers to have a credit score of 620. Moreover, you've mentioned that your client has also gone through a bankruptcy filing. Depending upon type of bankruptcy your client filed, she needs to wait for 2-4 years in order to get approved for a mortgage.
Thanks
Thd borrower has a credit score of 680 700. The non borrowr living with borrower is not on loan has the lower FICO
If the borrower has a credit score of 680-700, then it will be easier for your client to get the mortgage. If the non-occupying co-signer has a good income, then the FHA lender will consider that while giving your client the loan.