Re: Credit scores and mortgage - Posted by Jay Neal
Posted by Jay Neal on March 30, 2006 at 07:11:05:
Jason: I am a HML in NC. The first time we deal with a new client we do want to see a recent credit report but it is not a critical piece for us. It is all about the deal. Our best client has very poor credit but he is an excellent wholesaler with a huge buyers list so exit strategy is not a problem for him.
For the new client, we want to know his exit strategy and if it is logical. A person intending to refi and hold the property with credit scores near 500 is not logical; we may be able to advise him how to make money another way.
Of course all HMLs have their own ways so interview several in your area.