Mortgage Loans

[OneMortgageGuy]

The subprime market is just about gone when it comes to home loans. I've even said it before on the site that the subprime market will cause problems with the prime market.

How you ask! In the last couple of months banks have cut out prime programs. Lets say you have a 850 mid fico and cant prove your income so you need to go stated. After today B of A will turn you away.

Most bank will not do 80/20 loan anymore or 100% Combined Loan To Valve. The good news is if you have a 575 Fico you can still do a 100% loan. The reason 575 is the min is because there is only one company left that will give PMI to borrowers as low as 575.

Now if you have the 575... Don't jump up and down yet!!! Need to ask yourself why you have a 575? If it's things in the past but now thing are looking up and the only thing about you subprime is your score. Now your good to go for that 100 percent loan.

Most loan officers are going to to be out of a job soon and mostly because they are looking out for there own pocket. The other reason is that the broke shop or company will be closing there doors soon. My point is shop around!!

Find a loan officer that is trying to save you money and get you a good deal. Remember at 100 percent you will have PMI. You can take an 8 hour class and get the PMI cut in HALF in most cases!! Not all bank will take that class but a good loan officer would know where to take your loan to.

Back ground on me....

I do mostly new home purchases from Lending Tree but I've done tons of refi's in the past. There are only 3 companys that have a 5 star rating with Lending Tree and I'm one of them. I am a bank that shops with other banks. The bank I work for still has over 800 programs and I still take loans to other banks to save my borrower money or get that lower PMI. Yes I'm a broker/loan officer or what ever you want to call me. I know loans and I know when some one gives bad advice!

I'm not on here because I need you to PM me for a home loan but that would be nice! My goal here is that I can help people get in to that new home.

SHOP AROUND AND DO WHATS BEST FOR YOU! GOOD LUCK!!

[beau1234]

My husband and i would like to buy a home soon it would be our first with his mid score 613 mine 526 and i make more money we have about 35,000 to put down our max home price is 350,000 what are our option in help from anyone would be great 

[OneMortgageGuy]

The 526 is going to make a loan very hard to do. One problem you will have is the lenders are going to use your 526. No company will give you PMI so you need 20 percent down or try and get a 80/10 loan. It going to be a fight for someone to get you a good deal.  

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beau1234 wrote:

My husband and i would like to buy a home soon it would be our first with his mid score 613 mine 526 and i make more money we have about 35,000 to put down our max home price is 350,000 what are our option in help from anyone would be great 

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[Barracuda]

Hey there OneMortgageGuy,

If you get an oppurtunity and haven't done so already, would you look at my original thread:

http://ficoforums.myfico.com/fico/board/message?board.id=loans&thread.id=1018

Could you take a look at our situation and give me an assesment?  FWIW, when it's time to buy next March, we'll have around 6k in cash, but ALL our cc debt will be pif.  We'll have 2 car loans remaining, as well as a student loan.  Our income will be at 91175, but I have guaranteed overtime every year that bumps my income up another 10k.  Thanks so much!!

[OneMortgageGuy]

As you wish..

[67wildhorses]

a good deal won't exist till you hit at least 680.

even then at 100% the rate will be nasty.

[OneMortgageGuy]

It's not just the credit score that gets you a good deal! You can have a 620 and still and get the same rate as a person with a 680.

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67wildhorses wrote:

a good deal won't exist till you hit at least 680.

even then at 100% the rate will be nasty.

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[robz71lm7]

My credit union just offered me 100% financing on a $150K home at 6.500% 0-points (30-year) with closing costs at $999 (total cash required at close was around $2400)

Scores:

Eq 716

Ex 725

Tu 726

I also have zero debt.

Bad news is I'm 6 months out from closing (new construction).  Wells Fargo will offer to cap the rate for 6 months but the rates they are quoting today for me are 7.00%-which isn't even competitive with my credit union above.

Message Edited by robz71lm7 on 08-29-2007 10:09 AM

[OneMortgageGuy]

Thats a great deal from you credit union! Check with B of A if you are going full doc. 

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robz71lm7 wrote:

My credit union just offered me 100% financing on a $150K home at 6.500% 0-points (30-year) with closing costs at $999 (total cash required at close was around $2400)

Scores:

Eq 716

Ex 725

Tu 726

I also have zero debt.

Bad news is I'm 6 months out from closing (new construction).  Wells Fargo will offer to cap the rate for 6 months but the rates they are quoting today for me are 7.00%-which isn't even competitive with my credit union above.

Message Edited by robz71lm7 on 08-29-2007 10:09 AM

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[Tuscani]

I am also in the market and am shopping around... I am leaning more and more towards using a CU.