I have a borrower with a 655 middle score, who has only 1 tradeline of $20,000.00 paid as agreed for 11 months. I can only get a private party VOR, and I need 100% LTV. Any suggestions?
I have a borrower with a 655 middle score, who has only 1 tradeline of $20,000.00 paid as agreed for 11 months. I can only get a private party VOR, and I need 100% LTV. Any suggestions?
If this is a purchase, go FHA with 2 alternate sources of credit, i.e. cell phone, home phone, utilities, car insurance, etc. along with rent history (which can come from an individual). Use AmeriDream for the down pmt and closing costs assistance…thus 100% LTV! No brainer. There’s no need for a seller carryback and giving the borrower a subprime loan with a high rate and a prepayment penalty! You’ll give the borrower a 7.5% rate, 30 yr fixed w/ no prepayment penalty, and make 4pts in YSP…try that with a subprime loan. We close these in our sleep. If you need help, call me. I’ll point you in the right direction.