Posted by Hugh James on November 15, 2000 at 16:59:49:
I am a mortgage broker in Chicago, and don’t do but a handful of 125s a year. Maybe Ed can be more encouraging. Frankly, I don’t see this deal closing.
You didn’t mention what type of property it is, but I would hope it’s a SFR. Regardless of current equity, if you’re going to 125% of value, it’s meaningless. With a 570 (middle?) score, your guy either has lots and lots of open credit or at least consumer lates.
Sorry, wish I could be more encouraging.