My Friend Needs Help

[Anonymous]

Hello everyone,

my next door neighbor wants to refinance. Here ficos are 669, 625, 660. She and her husband make 130000 a year. the only problem is that she was late on her mortgage 1 time 6 months ago. Is there anything out there for her? She needs a loan for 550000. Thank You.

[sunrise]

Much more info is needed...They have good salaries, but, what is the DTI, credit scores, property value, etc. ?

[Anonymous]

Property value is 625000.  Their DTI is 30%.  There scores are 669, 628, 660 and hers are 601, 640, 669.

[sunrise]

Thanks for the info...

Doesn't sound bad!  Have they spoke w/ a lender/broker? (cough**Shane***cough) They may have to explain the late mtg. pymt....something like "got lost in the mail?"  If it is only a one time deal...and other accts are all positive...they shouldn't have too many worries!!  Sounds as though they are in fair shape, though.

Wait for Shane to post he will have more info/suggestions that will be right on the money!!

[ShanetheMortgageMan]

If the mortgage late is isolated there are mortgage lenders who will be able to help her.  What is the reason they need to refinance?  Is your neighbor on an ARM and it's about to adjust?