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re: UPDATED: Found a lender to buy a house with a 619 score
Posted on 4/12/12 at 8:59 am to Shalimar Sid
Posted on 4/12/12 at 8:59 am to Shalimar Sid
4.75 is a dream with his credit history. He should take the money and run.
0
Posted on 4/12/12 at 9:31 am to Shalimar Sid
quote:After a year or so of paying on time, he may be able to reapproach the thing.
but I think the 4.75 may be a little much.
Posted on 4/12/12 at 9:44 am to C
quote:
He's got bad credit. That's still historically low.
That's lower than what I got 2 years ago with a 760 score
Posted on 4/12/12 at 10:07 am to Shalimar Sid
WOW......just...WOW
Posted on 4/12/12 at 12:16 pm to Shalimar Sid
the 4.75% is not that high considering his credit score. Its going to be a manual underwrite with the VA but he can get it done. best of luck to him
Posted on 4/12/12 at 12:17 pm to ZereauxSum
no i havent heard of an investor looking past the 3 year rule for short sales and i doubt that they will. foreclosure are 5years and a short sales is looked upon in the same light by most investors outside of FHA.
Posted on 4/12/12 at 1:51 pm to Shalimar Sid
quote:
a 619 score
quote:geez, must be nice
4.75 and zero down
I have over an 800 credit score and I had to put 15% down
Posted on 4/12/12 at 2:48 pm to Pilot Tiger
quote:
I have over an 800 credit score
i am trying to get mine to your level now. Everything basically paid off other than a few credit cards (long story), guess my credit available is still not as high as it could be which could be hurting me now.
Posted on 4/12/12 at 5:48 pm to hawkeye007
quote:
no i havent heard of an investor looking past the 3 year rule for short sales and i doubt that they will. foreclosure are 5years and a short sales is looked upon in the same light by most investors outside of FHA.
Thanks. Yeah, I figured I was SOL. I hated to do the SS but it was the smart thing to do.
Man, the OPs bro and I have roughly same score and I have enough cash today to put down 5% in the areas that I want to buy in!
I'll just have to man up and do my time. 3 years, no possibility of parole
Posted on 4/13/12 at 11:21 am to GFunk
quote:
Very, very strenuous in comparison to a brokered loan through an outfit that will more than likely sell the paper inside of 12 months from the time of first payment receipt.
How would this affect him GFunk? If he closes at a good rate for a fixed term how does the selling of the paper a year later effect his brother?
Posted on 4/13/12 at 12:35 pm to Pilot Tiger
quote:
I have over an 800 credit score and I had to put 15% down
0 down is one of the perks you get for serving your country.
Posted on 4/13/12 at 1:13 pm to Shalimar Sid
With a score of 619, he should jump on 4.75 and 0 down. Years ago, I had a score of 720+ and couldn't get that kind of deal. Note: had some credit card debt back then, but not maxed out.
Posted on 4/13/12 at 2:42 pm to LSUGUMBO
quote:
0 down is one of the perks you get for serving your country.
I think it's the interest rate that gets his goat. That is a tremendous rate for someone in the bottom 40% of credit scores.
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