Lenders or Ed and pro's ONLY!!!! - Posted by -Jimbo-

Posted by - Jimbo - on December 16, 2002 at 08:45:34:


There is no history whatsoever on my credit…I know, I’m working on it to be fixed.

Is there something you could do?

  • Jimbo - “When your dreams turn to dust, vacuum.” - Annonymous

Lenders or Ed and pro’s ONLY!!! - Posted by -Jimbo-

Posted by -Jimbo- on December 13, 2002 at 18:11:41:

Now that I’ve got your attention, yes and even those of you who think you are pro’s, I need some help.

Instead of me calling EVERYONE and their sister-in-laws, I’m going to have you call me! Ok, here’s the scenario:

Investment Properties:
Terrible credit (530) and own several houses (SFH) with no mortgages for less than a year (recent). I want to refi to get the most cash out of them. SHOULD I:

  1. Creat new note - LTV% will I be getting?
  2. Unconventional mortgage 75-95% range?
  3. (your suggestion here)!

I’d love any feedback you could give me, AND if you would like to call me telling me that you are ABLE to refi or have any suggestions, I WOULD LOVE THAT! And as always, other investors can comment too to help others learn.

-Jimbo- “A man can be destroyed but not defeated.” -Earnest Hemingway

(989) 776-6800

Re: Lenders or Ed and pro’s ONLY!!! - Posted by Chad

Posted by Chad on December 14, 2002 at 13:14:55:

I am a Senior Underwriter for a Direct lender and I would initally say option 2, however I pose these questions:

1.) are you looking to max out the ltv’s on the contract price or appraised value?

2.) 530 FICO is Ok but is there ANY mortgage history being reported on the borrower for the last 12 months?

I cannot see 95% LTV but possibly 95%CLTV on a piggyback.

Good Luck!