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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Tue Feb 01, 2005 6:45 pm Post subject: Good Deed for the Day- Find Lender for deal I can't get done |
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Scenario:
-Permanent resident alien
-works for tips in a Vegas Casino
-three trades; oldest is 17 months @ $2000, others are 6 mo @$500, 4 mo @ $400
-mid-fico= 650
-no older closed accounts
-no derogatory info
-VOR from 2002 to 03/04
-now lives with son who wants mom out as he's getting married
-subject property is a condo, which, of course, has litigation (minor, but it's there)
-Loan amount- $168k
-Stated, 100% ltv/ cltv
A friend at Decision One called me because she couldn't get the exception for the age of the trades (needs 24 months). I couldn't get it either. Best counter offer either of us got was 85% stated, which doesn't get the lady a home. I've called every AE I know. Someone should be able to do this deal. It doesn't stink near as bad as some of the deals that get funded every day by sub-prime lenders.
There's nothing in this for me in terms of finder's fees or whatever. Just trying to help a broker get a deal done.
If you think you can get this one done, give me a shout and I'll give you the particulars.
Tom
BNC
888.847.1858 |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Tue Feb 01, 2005 7:12 pm Post subject: |
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| As a follow up, re-reading my own post got me thinking about putting a stand-alone second from another lender (secured funding or 123loan.com) behind our 85% stated first, and voila! I think we got a deal. |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Tue Feb 01, 2005 7:12 pm Post subject: |
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| Don't mind him. He talks to himself a lot. |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Tue Feb 01, 2005 7:19 pm Post subject: |
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| LOL at least you are posting! Traffic seems down last couple days, don't you think? |
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nikko3
Joined: 20 Jan 2005
Posts: 246
Location: acton, ca
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| Posted: Tue Feb 01, 2005 7:19 pm Post subject: |
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I can do one loan 95% no pmi. I would like to see hoa cert or more info about litigation
Lisa Selkirk
Empire Mortgage
888-257-5626 ext 129
818-224-6329 fax
lselkirk@empiremortgagecorp.com |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Tue Feb 01, 2005 7:34 pm Post subject: |
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Thanks Lisa. One of the AE's I called was Manny Orellano from Empire. He couldn't get it done due to the thinness of the credit history; same problem I have.
I think I hit a brick wall on the standalone second idea. Closely reading Secured's matrix, I discovered that they won't go over 90% stated for a fthb.
Dangit. |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Tue Feb 01, 2005 7:37 pm Post subject: |
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| Nikko wrote: LOL at least you are posting! Traffic seems down last couple days, don't you think? Don't worry about that. It takes time. A month after we started artofcredit, you could hear crickets when you went into any of the forums. Now it's crowded as all heck- 4000 members and coming up on 90,000 posts. Just takes time and patience. Then one day, you'll look around and realize you don't even know who most of these people are that are posting like crazy... |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Tue Feb 01, 2005 7:40 pm Post subject: |
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The wierdest response I got from any lender was Banker's Express. They said they could do it if only her scores were a little LOWER. Some program where they can go 100% stated with no tradelines as long as the fico is between 580 and 620.
"Sorry, ma'am, your credit score is too high. We don't want your business."
Now THAT's weird. |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Tue Feb 01, 2005 8:03 pm Post subject: |
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| Just confirmed with Secured Wholesale. They won' do the fthb above 90%. So much for that idea. |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Tue Feb 01, 2005 11:15 pm Post subject: |
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Quixote wrote: The wierdest response I got from any lender was Banker's Express. They said they could do it if only her scores were a little LOWER. Some program where they can go 100% stated with no tradelines as long as the fico is between 580 and 620.
"Sorry, ma'am, your credit score is too high. We don't want your business."
Now THAT's weird. Got another response just as weird. 123loans.com guy says, "No problem!. We can do that deal all day long. Except, we aren't accepting any new brokers."
A wholesale lender who doesn't want any new brokers??? |
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Professional Mortgage Man
Joined: 30 Jan 2005
Posts: 56
Location: Heartland USA
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| Posted: Wed Feb 02, 2005 4:37 am Post subject: hummmmmmmmmmmm |
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Franklin direct can slam this one down hard...
Ciao,
Proman 8) |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Wed Feb 02, 2005 5:53 pm Post subject: |
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Finally found someone at Pinnacle who says he can get it done, but I'll believe it when I see it.
ProMM, if you have a buddy at Franklin, have them call me at 888.847.1858 and I'll give them the particulars.
Thanks for the response.
Tom |
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Professional Mortgage Man
Joined: 30 Jan 2005
Posts: 56
Location: Heartland USA
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| Posted: Wed Feb 02, 2005 7:59 pm Post subject: you call,pal |
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Quixote
you call Pat Mategrano at 1 402 490 1001
Ciao,
Proman 8) |
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