Posted by Scott Ashbaugh on March 04, 2002 at 21:25:18:
Gus,
If anyone can help you it is Ed Garcia. This guy has a heart of gold, he has spent endless hours talking to me and helping me out. Your questions depend on the times, the markets, interest rates, etc. and things change, so when you have a specific situation, check with Ed.
Good luck.
500 FICO - Posted by gus
Posted by gus on March 04, 2002 at 18:50:10:
I’ve heard that some lenders/brokers can get people financed with credit scores as low as 500. Does anyone know if this is true and if so does anyone know of someone who can do deals in FL?
Re: 500 FICO - Posted by Nate(DC)
Posted by Nate(DC) on March 04, 2002 at 22:17:09:
It depends…owner occupied or investment? How much do you have to put down? In that credit range, you might need a 10%-20% down payment. You COULD try to go FHA - if you can find a lender that will consider it - it’s not score driven, usually, but if your credit score is 500 you must have done something to get it there and some of those somethings might interfere with FHA nonetheless. And that’s for owner occupied only.
Good luck,
NT
Re: 500 FICO - Posted by Don (fl)
Posted by Don (fl) on March 04, 2002 at 22:08:17:
Yes, I know a good mortgage broker who deals almost exclusively in that market (480-600 FICO). 80 to 90% LTV. Email me directly at oceandc39@hotmail.com and I would be glad to pass his number on to you.
Don
He is located in Palm Beach County but will do loans throughout Florida
Re: 500 FICO - Posted by Kim (FL)
Posted by Kim (FL) on March 04, 2002 at 21:54:03:
I’m a broker in FL and I can do deals below 500. You’d need money. The one I’m doing right now is a 75% loan with a rate in the 12 to 13 range. If you have some cash for a down payment and you’re interested feel free to email me at dehankins@mindspring.com