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Score? Everyone might want to read this. I've been utilizing a program Homecomings has with Fannie Mae:
If all derogs(ALL-do not exclude medical), excluding Judgements & Tax Liens, total 5k or less & remainder of file is solid, 100%LTV W/$500 from borrower-3% concessions. As close to FHA w/o the F, H, or A as I've found(Sorry Greg-no pun intended. I've studied up on FHA & it's a program every L/O should be trained in if they have it or not. The ins & outs of it id truly the "right way" & any L/O who doesn't agree hasn't done much. Any L/O who has had a Lender call them because the people on that "hard to close" deal they closed two months ago hasn't paid their first payment yet, has an idea of what the "right way" means. We ARE as responsible as the Reps/A/E's we have should be also. Anywho, back to the product:
$4,999 in adverse collections/chargeoffs=cool
$5,001 in adverse collections/chargeoffs=pay off everything
5k=grey are-if you hit 5k on the nose start a new thread it's worth going on record.
35% MI though, but truly more for less
Ex: (This is deal I'm working now-no B.S.-I'll re-post when it closes):
531(1 score)- no open trades in 10 years
O/O SFR Full Doc-Recently retired
$1,800 in open collections
99K PP-35%DTI
Homecomings DU-Fannie Mae Findings:
100%LTV W/just $500.00 Borrower's own funds
Positives:
100%LTV W/just $500.00 Borrower's own funds
Conforming rates @ 100%
Free advertising as 2 banks & 4 brokers told client "NO" period
Getting invited to a Client's house warming party & introduced as "The one who made it possible"
Negative:
35% MI($360 on this particular deal as an EA-I/Eligible)
To all seasoned L/O's, remember before your first "BIG" month that feeling when you helped somebody? If you lost it, get it back as fast as you can.
To all new L/O's, rely on you. If you do thid, you may be trained the rifght way or the wrong way, but you'll be trained as you are. The info is out there for free. You will be preached at to prospect! network! & prospect! some more, but knowingwill take you further than anything else. I'm frustrated with training fly-by-nights who do not take my CAREER seriously.
I apologize for the rant, but I've been silent for too long & too busy to speak nwhile watching this profession being ridiculed, regulated, & re-regulated(mostly rightfully so) because of those in it who do not consider it, or approach it as a profession
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