mcavana
Joined: 19 Oct 2005
Posts: 3
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| Posted: Fri Oct 21, 2005 2:40 pm Post subject: the impossible loans |
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I believe these are examples of loans that are simply impossible to do. is my list accurate, and can you think of another example to add to it?
i. Mobile home with credit score under 500 and LTV over 75%
ii. No equity in home with lower credit scores
iii. Credit Score under 500 and LTV has to be over 80%
iv. Fixed income, credit score under 600, DTI over 60% |
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Haplo
Joined: 20 Jan 2005
Posts: 2406
Location: Springfield, IL
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| Posted: Fri Oct 21, 2005 3:58 pm Post subject: |
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"Impossible" is such a hard term to throw out there. Most of the time credit under 500 is going to be a nearly impossible thing, regardless of the program. DTI's over 60% are also a rarity, unless they happen to have some good solid reserves and a very high credit score.
I don't consider any loan that I look at to be impossible until I have exhausted all resources. There is frequently a way to make something work, if only you take the time to find it. |
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