Loan for people with no scores.

[bclements01]

Hi
I live in an area with a large immigrant population. These folks are using cash for everything and have no scores or maybe one. I am looking for a lender that will allow them to use utility bills and cell phone bills as proof that they are indeed paying their bills. I most cases they would come to closing with huge sums of cash for down money. So LTV's would only be 50 - 60%.

Doing business in Virginia.
Any help would be appreciated.

Thanks

[mstuartii]

Down here we use Banco Popular for the Hispanic Population ...They take LOE regarding "mattress money" and with the correct documentation regarding visas etc...They are pretty easy to work with. I know LO's that make money doing loans with them pretty exclusively with the Hispanic Population...
I have no idea if they lend in Va...Here's the website:
www.bancopopular.com
HTH
Michelle in Rendon,TX

[mstuartii]

OKay ~ I went through my notes because I knew I had seen somewhere that someone else does no score ...my handwritten scribbles say Indymac no score - assumes 620...Dont know where i got the info but maybe it will help.
Michelle

[FremontJames]

Fremont will assume FICO of 525, and with the LTV's that you are looking for, we should be able to help.

FYI, for immigrants, tehy would need to be permanant resident aliens.

Hope this helps.

James

jthompson@fmtinv.com

[Greg]

Option One.. 80%

FHA