Credit Issues? - Posted by Pete

Posted by GMann on September 19, 2004 at 22:23:43:

Get out the yellow pages and find a local mortgage broker. You should be able to get multiple offers at 75% and maybe a higher loan to value (LTV). Don’t expect prime rates, but you shouldn’t be higher than 2% above going rates if 650 is your middle credit score and your credit is overall good.

Credit Issues? - Posted by Pete

Posted by Pete on September 19, 2004 at 19:47:22:

I am a homeowner…Little equity at this time.
Tried to get a loan to buy a duplex…$65K
Wells fargo said no. Not even with 25% down.

I am a 650 Becon score…annual income approx 55K
Outgoing totals for me are $1,400/mo.
Nothing negative on the credit report.

I would prefer a lease option deal on this REO, but am meeting with a lot of resistance…etc…etc…

Scratching my head now on how to get this property?