480 mid score refi. need 85%ltv

AMPNATE · #1 (**permalink**) 05-26-2006, 06:41 PM

Mymomhas a 480 mid score and some collections. With a 95%ltv consolidation loan she can payoff everything and start over. With 90% she can payoff a chunk. With 85% she can refinance her mortgage and pay off 75% of her bills. Anyone know of where I can get this loan?

Erik · #2 (**permalink**) 05-26-2006, 07:47 PM

Anything keeping her from being FHA eligible?

AMPNATE · #3 (**permalink**) 05-26-2006, 11:55 PM

I don't have access to FHA. What would make her qualify or be disqualified?

Erik · #4 (**permalink**) 05-27-2006, 11:53 AM

FHA isn't scored based, and I believe they can do 95% cash out. I don't know about the collections. If you can work something out with someone who can do FHA, and if your mom qualifies, it might be worth it to do it. She'd definitely get better terms.