Posted by Brent_IL on August 26, 2003 at 23:51:18:
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If you know a source for ficos 0-500 - Posted by TJ
Posted by TJ on August 23, 2003 at 22:05:44:
If you know of a source that has good rates for people with Low Fico Scores (0-540) Please email me at tgbj2001@hotmail.com
Thank You
Re: If you know a source for ficos 0-500 - Posted by Marcos
Posted by Marcos on August 24, 2003 at 20:00:23:
Try a broker that can do Long Beach Mortgage, they offer decent rates and can do really low scores. The most important thing is a good mortgage broker who can “sell” your loan.
Hope this helps,
Marcos
Re: ficos 0-500 - Posted by Brent_IL
Posted by Brent_IL on August 23, 2003 at 22:25:29:
Folks with FICO scores under 500 are never going to get good rates. Lenders that lend to these borrowers expect them to default so they can steal their collateral or garnish their wages. There are specialized laws (Section 31?) that apply.
The problems that caused the low score haven’t gone anywhere. High payments will not help. The people you seek to assist would have better results going to one of the free credit-repair sites and cleaning up their credit report.
Re: If you know a source for ficos 0-500 - Posted by Brent_IL
Posted by Brent_IL on August 25, 2003 at 04:54:44:
Hi Marcos,
I took your advice and looked at the wholesale sheet at LBM. Things sure have changed. They list FICO’s down to 500 and the underwriting seems liberal. Long Beach Mortgage may give the Hard Money guys a run for the money. Thanks for posting the source.
Brent
Re: ficos 0-500 - Posted by Mike in CA
Posted by Mike in CA on August 24, 2003 at 08:01:19:
I agree with Brent…My credit is crappy b/c of college loans…Around 500 and change…I am getting it cleaned up with help from a company called unversal debt reduction…they’re online…universaldr.com…They are helping me with paying off my creditors and fixing my credit report…They are not free, however, but they are very good…Ameridebt is the other one I can think of that is free, I believe…In 6 months, I hope to have all my creditors paid off (settled at about 50% of what I owe), and my accounts “settled in full,” and my credit score up to loan-worthiness standing so I can hopefully buy myself a home. That’s the best recommendation b/c I have tried getting into more than one home, tried to refi. my car, etc. and no-go on all those attempts because of my poor credit. Hard money lenders wanted to charge me 25% to get me into a house. That’s simply ridiculous. Have your low-credit people bite the bullet for now, and improve their credit. It’s like a criminal record these days. (Joke obviously.)…Make the blemishes go away and it will pay off handsomely down the road on big purchases. However, if someone wants to invest in real estate and he/she has bad credit, there are some methods, and it is not impossible to make money in real estate even with bad credit. That’s pretty cool.
Re: If you know a source for ficos 0-500 - Posted by James Strange
Posted by James Strange on August 26, 2003 at 18:58:54:
I have never worked with LBM but others have told me that they have some very good programs. On the very low FICO your dealing with you will need to keep the LTV ratios very low.
James Strange
Re: If you know a source for ficos 0-500 - Posted by Kristine-CA
Posted by Kristine-CA on August 25, 2003 at 21:33:44:
Brent: can you tell me where you found the LBM wholesale sheet online. I’ve clicked through several different urls for LBM and can’t find information that shows what credit scores and rates. Thanks, Kristine
Re: ficos 0-500 - Posted by Gib
Posted by Gib on August 24, 2003 at 09:52:08:
The problem with debt counseling programs is that it can look as bad on your credit report as a bankruptcy.
The accounts you are paying off will also have the statement “Settled” or “Settled for less than full amount” next to them.
If these are all student loans you would have been better off consolidating them. After 12 on time monthly payments (even if they weren’t conolidated) you could then have gotten your loans rehabbed and they would have come off your credit reports all together. All negative information associated with it would be GONE.
Gib
Re: If you know a source for ficos 0-500 - Posted by Brent_IL
Posted by Brent_IL on August 26, 2003 at 22:54:49:
Thank you for adding some caution. I saw that the LTV was around 50% for the low 500’s. What the heck, a 50@ first, 50% seller carry, and 5% from the in-laws, and they?ll be on a roll.
Re: If you know a source for ficos 0-500 - Posted by Brent_IL
Posted by Brent_IL on August 25, 2003 at 22:04:20:
At first I did a search and got a bunch of brokers at different URLs. I went to www.longbeachmortgage.com and clicked on ?rates? at the top.
That put me at https://longbeachmortgage.com/rates/index.aspx
The first file listed is the current wholesale sheet. They archive previous months. It’s in PDF format, so I had to go to 150% to read the numbers easily. There is a separate file that contains the underwriting guidelines. I think I clicked it from where I was at, but you can go to the home screen and return to the top and click on “guidelines.” I saved the files for reference.
Re: If you know a source for ficos 0-500 - Posted by James Strange
Posted by James Strange on August 26, 2003 at 23:43:55:
On the rate sheet besure to read all of the comments and add on’s.
I do work with a lender who will do these at 65 to 70% LTV. Rate is about the same. But points are higher.
They do require a good story and ability to repay. But min loan size is 100k. But I think that they are wholesale only.