Help!! I Need A LENDER!! - Posted by Pamela K

Posted by ali on March 04, 2000 at 20:40:00:

I m going to chk if we can lend in idaho,your down payment is very good, when was last medical bill , collection.Date

Help!! I Need A LENDER!! - Posted by Pamela K

Posted by Pamela K on March 04, 2000 at 19:30:27:

My husband and I found the perfect property for us, but we have quite a few problems: We have already put $500 ernest money down on the property. Our closing date is March 24, 2000 and is coming up quickly! The property is priced at 30,000 dollars and we have $10,000 to put down on it. We need to borrow 19,500. We have an additional 2500 for closing costs. Our problem is finding a lender that will lend us the money with FICO scores of 534. However we do not have judgments against us. We need to find a private lender that will give us a loan without requiring our collections to be paid off first. We need to use this money to buy a home and then work with the creditors to pay off our delinquent debts caused by several Medical problems we have had since 1997. We have always paid our rent on time and our truck payments too. Our other problem is that my husband works in Montana where we are living and the property is in Idaho where he has a job opportunity and can start work as soon as we move there. Another problem we have is that there is a house on the 3/4 acre that needs some work to make it livable (my husband has all the know how to do it himself). A land loan could be an option, lots sold recently 2 miles from this properties location have sold for 25,000 with out a well, electricity, or phone. This property HAS a well, electricity, and phone already in. The land itself is worth 30,000 with out the house! This was a bank repo and is an incredible deal. I do not want it to pass us by because a lender does not realize this! Any suggestions or referals to lenders would be greatly appriciated! 35% down, with a 64% loan to value has got to account for something! Help! Thankyou in advance!!

Re: Help!! I Need A LENDER!! - Posted by Ed Garcia

Posted by Ed Garcia on March 05, 2000 at 02:08:45:


There are a few thing that are going to cause you a problem in obtaining a loan in Idaho,
other than your credit.

(1) Is going to be the size of your loan. Most brokers are not going to be interested in your
deal because of it’s size.

You don’t say where you’re at in Idaho, so I’m giving you a lender that should help you.
I am privately e-mailing you several branches that this lender has in Idaho, and I want you to
select the branch that is closest to the location of your subject property.

This lender should help you in lieu of your credit problems.

I hope this is of some help to you.

Ed Garcia