Comments for Loan Assistance Information (Questions and Answers) for Lenders, borrowers http://galleria919.com Thu, 10 Mar 2011 09:59:44 +0000 hourly 1 http://wordpress.org/?v=3.0.1 Comment on need help placing 3 loans by Adv_sim http://galleria919.com/2011/03/need-help-placing-3-loans/#comment-2 Adv_sim Thu, 10 Mar 2011 09:59:44 +0000 http://galleria919.com/?p=9#comment-2 FIRST: "a 95% 2nd position" is NOT very likely, at all. If you mean a 95% "1st" w/a 586 middle score there are several source to do that. SECOND "100% in file 568" if you find a lender that will do 100% with this score PLEASE tell me who they are. Most lenders that will do 100% require at least a 580 middle score. The deal is still doable since they have been in the property for 12 months based on a Cashout refinance at appraised value. The loan amount will pay off the seller/owner you are good to go. If your client has been living in the property and contributed to the payments that dad made, you have a chance. If dad did not live there, who made the payments to the lender? If was your client then get cancelled checks. If the payments were made to dad then have your credit reporting company update the clients credit report to add dad as a creditor and use dad's last name and "property services" as the management company and you have mortgage/rental history. FIRST: “a 95% 2nd position” is NOT very likely, at all. If you mean a 95% “1st” w/a 586 middle score there are several source to do that.
SECOND “100% in file 568″ if you find a lender that will do 100% with this score PLEASE tell me who they are. Most lenders that will do 100% require at least a 580 middle score. The deal is still doable since they have been in the property for 12 months based on a Cashout refinance at appraised value. The loan amount will pay off the seller/owner you are good to go. If your client has been living in the property and contributed to the payments that dad made, you have a chance. If dad did not live there, who made the payments to the lender? If was your client then get cancelled checks. If the payments were made to dad then have your credit reporting company update the clients credit report to add dad as a creditor and use dad’s last name and “property services” as the management company and you have mortgage/rental history.

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