Any Mortgage-Only Lenders for Low Scores?

leahum · #1 (**permalink**) 02-08-2006, 10:29 PM

Hello, folks!

I'm looking for mortgage-only sub-prime lenders who can ignore a low credit score (513) and can give my client a decent rate (7-7.5% or so on a 2-yr ARM) based on the fact that the mortgage has no lates in the last 12 months.

Here's the lowdown: LTV=75, full doc, $88,500 loan amount, cash-out refi, 3 tradelines, Michigan loan.

Thanks in advance,

Marcel

Erik · #2 (**permalink**) 02-08-2006, 11:08 PM

Sounds like this one might be doable on FHA.

darrensloans.com · #3 (**permalink**) 02-09-2006, 08:09 AM

Just to clarify, the 513 is the mid? I ask because Accredited Home Lenders will do mortgage only @ 550.

snowman77 · #4 (**permalink**) 02-09-2006, 08:46 AM

We do mortgage only down to a 500. Need the borrower to be 0x30 in the last 12. I work the 11 Western States so I wouldnt' be able to help you in this scenario, but if yo uhave a Mortgage Lenders Network rep give him/her a call.

leahum · #5 (**permalink**) 02-09-2006, 12:26 PM

Thanks for the responses, guys!

All great posts. You're all a big help.

God bless,

Marcel

Greg · #6 (**permalink**) 02-09-2006, 04:43 PM

FHA is best rate.

It sounds like many will do this. The list would be very long I feel. LTV is very low.

leahum · #7 (**permalink**) 02-09-2006, 08:55 PM

Yeah, thanks.

I'm checking out the FHA route right now. Hopefully, they qualify at around a 45-48% debt ratio.

Marcel

jvillalobos · #8 (**permalink**) 02-13-2006, 04:44 PM

actually i might be able to get you a rate like that it might have to be a buy-down but i can probably deliver my broker is licensed in michigan so i am able to do the loan. if you have any questions e-mail.

later