Posted on: 10th May, 2010 06:53 pm
I am looking for a subprime lender that would loan with a 5 yr old judgement and a few collections.
Borrower makes 95K/yr and is in need of a mortgage, they are currently renting a home that has been sold and would now like to own. Borrower is in NYS.
Any ideas?
Borrower makes 95K/yr and is in need of a mortgage, they are currently renting a home that has been sold and would now like to own. Borrower is in NYS.
Any ideas?
Hi Guest!
Welcome to forums!
After the real estate crisis, there is hardly any sub-prime lender left in the mortgage market. With judgment and collection mentioned, it will not be possible for the borrower to get a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After the real estate crisis, there is hardly any sub-prime lender left in the mortgage market. With judgment and collection mentioned, it will not be possible for the borrower to get a mortgage.
Feel free to ask if you've further queries.
Sussane
Thats a significant income, does your borrower have any savings?
If they have a large enough deposit they could possibly get a hard money loan. Hard Money lenders don't usually lend more than about 70% of the value of a home, but with housing prices at very low levels this could still be an option if they have a decent deposit.
If they have a large enough deposit they could possibly get a hard money loan. Hard Money lenders don't usually lend more than about 70% of the value of a home, but with housing prices at very low levels this could still be an option if they have a decent deposit.