Need No Credit Lender

holious · Joined: 18 Jul 2006 Posts: 16

Hi, I'm new at this business
my first client has a house that was
transferred to his name from his mother
recently, and he has no credit score on his
credit report. is there any lender that will
do no credit refi?
please help me out here. LTV is25%

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

I think you will get an answer shortly.
Do me a favor...next time please don't type in all caps.
This is considered rude, but I will assume you are new to discussion forums too (no worries, just helping you understand).

holious · Joined: 18 Jul 2006 Posts: 16

Thank you

chow · Posted: Tue Jul 18, 2006 10:24 am Post subject:

How long has he been on title?

Does he have any alternative credit? (Like utilities, buy here pay here?)

State:

Loan amount: $
Property Type: Single-Family Condo 2-4 Family Multifamily Manufactured Commercial

Other Documentation: Full, Stated, Bank Statement, No Doc, NINA

FICO Score:

LTV Ratio: % 25

Occupancy: Owner-Occupied, Non-Owner Occupied

Loan Purpose: Purchase, Refinance, Construction

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I'm not sure how most investers look at manually underwriting a loan with alternative credit on various loan programs.

Most likely you could look at FHA if you can find someone that will allow you to have the loan manually underwritten with alternative credit. If he's got 3-4 tradelines that he can show with 12 months good history, you should have no problems. It may be possible to look at it conventional as well, especially with the very low LTV. This would get you out of the required PMI that FHA has.

Hope some of that helps.

Greg Phillips · Joined: 13 Dec 2005 Posts: 123 Location: Chillicothe, Ohio

FHA #1 choice for lowest rate with alternate letters of credit to support repayment of debts. Uitilities, Insurance....

Option One will do up to 80%

holious · Joined: 18 Jul 2006 Posts: 16

okay it is a
multi unit commercial propert

chow · Posted: Wed Jul 19, 2006 10:02 am Post subject:

Eastern Savings Bank. They are an equity lender. But the property and loan amount has to be worth it. That's why I asked so many questions!

The rate and fee's will NOT be pretty.

holious · Joined: 18 Jul 2006 Posts: 16

thank you.
i actually found a lender but
interest rates are too high,
anyone know what are the average interest rate are on these types
of loan?

chow · Posted: Thu Jul 20, 2006 9:19 am Post subject:

I hate to tell you this but depending on what kind of business or what kinds of business is there, the vacancy factors, the expierence of the person buying it, and the rest of the "Short List"---rates would start around 9% of a 2yr call, all the way up to 14% with my local hard money people. There's a ton of ways to work with the rate, but lenders will look at the person-and the property.

Face it, your borrower isn't a good candidate. Can the relative stay on the loan/property with him while he builds his credit and resume?

holious · Joined: 18 Jul 2006 Posts: 16

thank you
that will be his next or only option
if he wants to save money on the loan.
thank you once again
i think i wil be in this forum more oftn~! :D