Posted by Patrick S. Lawson on August 21, 2005 at 18:52:09:
Not enough info to determine if a bank scenario works, FHA maybe. Any rental history? Every had utilities in his name? Made a purchase from a RTO?
If title is free and clear quit claim scenario would work.
Drop me a line if you need any further assistance.
Patrick S. Lawson, LLO, CRS
little-none credit history borrower …need lender - Posted by Noel
Posted by Noel on August 19, 2005 at 11:51:07:
I have a buyer for our investment home that is young (19) and has a 676 score with only one open trade line. No lates. Basically he is just getting started in life and thats why the lack of credit history. He is employed but it may be hard to provide pay stubs. He has a $13,000 car he owns free and clear with a little in the bank. Can he get a 0 down mortgage? Or, since the house is free and clear, can he do a re-finance if the house is quit-claimed to him?
Can a lender out there give me some advice? I am in Michigan.