Home Lenders and Bad credit

[Forest]

antyone know a good resource for mortages for people with bad credit

im trying to get a loan and my credit sucks. I have a decent downpayment for a condo or house and i live in Fl. if that matters

Thanx for any help

[sperbonzo]

Actually, I"m a licensed mortgage broker in the state of FL. I work with a mortgage lender called Meridian Mortgage (along with all my other businesses!). Meridian can deal with bad credit customers. Give me a call 954 650 5789, or send me an email [email protected]. I can get you set up AND give you a break on the closing costs (since we're in the same business)

[Forest]

Thanx micheal

Goos to talk to you

[DateDoc]

Pretty much anyone can get a mortgage. Citi Mortgage will more than likely lend to you if your credit score is over 600. You'll get stuck with a higher interest rate just watch out for prepayment penalties as once your credit is good you will be refinancing to save $$$.

[sperbonzo]

Originally Posted by Forest

Thanx micheal

Goos to talk to you

uh.... Goos to talk to you too.... I think. (Goos?)

[sperbonzo]

Originally Posted by BusterPorn

Pretty much anyone can get a mortgage. Citi Mortgage will more than likely lend to you if your credit score is over 600. You'll get stuck with a higher interest rate just watch out for prepayment penalties as once your credit is good you will be refinancing to save $$$.

Absolutely... I will most probably set him up with an ARM with a 2 year first adjustment, then he can work on his credit, and refi at the 2 year mark, before his payment goes up.

[363R]

You should get approved with bad credit with 20% down.

[badmunchkin]

what's a good credit repair agency? There's a million places advertising this - who can actually back up their claims?

I want to get my score raised before I even apply for a home loan

[sperbonzo]

Originally Posted by badmunchkin

what's a good credit repair agency? There's a million places advertising this - who can actually back up their claims?

I want to get my score raised before I even apply for a home loan

The vast majority of credit repair agencies are crap. In some cases, the fact that you are in the hands of a credit repair agency can actually HURT your chances of getting a loan, because it indicates that you can't fix things on your own.

Get in touch with me, I can help you with this.

[Forest]

http://www.lexingtonlawfirm.com got a bucnh of stuff removed from my report

But there was alot of things even they couldnt get taken off

35.00 a month was what they were charging

[JFK]

Originally Posted by sperbonzo

Absolutely... I will most probably set him up with an ARM with a 2 year first adjustment, then he can work on his credit, and refi at the 2 year mark, before his payment goes up.

Do you guys finance foreigners ? If so how much do you need down ? Can I get away with 5% ?

[Forest]

Originally Posted by 363R

You should get approved with bad credit with 20% down.

I got 10-15k to put down so Im either stuck buying a condo or finding a loan that will allow me a 5% downpayment

[sperbonzo]

Originally Posted by JFK

Do you guys finance foreigners ? If so how much do you need down ? Can I get away with 5% ?

Yes we do, and yes, you can. (This is for Florida real estate purchases)

Give me a call.

[Forest]

Originally Posted by JFK

Do you guys finance foreigners ? If so how much do you need down ? Can I get away with 5% ?

Micheal

I want a commission for starting this thread



Julius lets find houses on the same block!

We can start our own porn cyndicate down here

[JFK]

Originally Posted by sperbonzo

Yes we do, and yes, you can. (This is for Florida real estate purchases)

Give me a call.

Yes it would be for Florida, Dania, Hollywood area

[Head]

I don't know how you guys do it in FL but up here if you have 25% down you'll get the Mortgage. Try to clean up your credit by paying off everything(i know this sounds simplistic, but even after 3 months your credit can look better and 3 months goes by fast). And Shop around for a Good broker: if they say, 'I can't do it' look for someone who can. You may pay a small fee but you'll get your Property.
RE Guru has spoken.

[Veterans Day]

This thread is funny.

[JFK]

Originally Posted by Veterans Day

This thread is funny.

Why so ?

[sperbonzo]

Originally Posted by JFK

Yes it would be for Florida, Dania, Hollywood area

That should be no problem Julius.

Like I said. I can give you guys that are "in the biz" a break on closing costs also.

I want a commission for starting this thread

We may have to work that out!

I don't know how you guys do it in FL but up here if you have 25% down you'll get the Mortgage.

Things do vary from state to state, but of course a large enough down payment can overcome most credit problems. The creative part is in securing a loan WITHOUT a big downpayment, big impounds for closing, etc...

[dropped9]

sperbonzo... you got any connections in NY for morts? Im going to be in the market soon and my credit aint that hot either....

[Forest]

Originally Posted by Veterans Day

This thread is funny.

why do u think so?

[Veterans Day]

Originally Posted by sperbonzo

Absolutely... I will most probably set him up with an ARM with a 2 year first adjustment, then he can work on his credit, and refi at the 2 year mark, before his payment goes up.

I obviously dont know the terms on this loan but it looks like a nice fat juicy 2/28 with a 6 month prepay, usually 6 months interest and nice increase after the first 2 years. These loans pay huge commissions from subprime lenders cause they know 9 out of 10 people never get their credit straight and usually end up fucking it up even more while stuck in these shit loans. therefore leaving them stuck with the 2/28. I did loans for 10 years and know own a title company with the wife. Ahhh the memories

[Veterans Day]

Originally Posted by Forest

why do u think so?

Do you know your middle fico score, and why does your credit suck? Thats first off

[badmunchkin]

Originally Posted by Veterans Day

I obviously dont know the terms on this loan but it looks like a nice fat juicy 2/28 with a 6 month prepay, usually 6 months interest and nice increase after the first 2 years. These loans pay huge commissions from subprime lenders cause they know 9 out of 10 people never get their credit straight and usually end up fucking it up even more while stuck in these shit loans. therefore leaving them stuck with the 2/28. I did loans for 10 years and know own a title company with the wife. Ahhh the memories

Interesting info - do you recommend any credit repair agencies or is it better to put in the effort and try to repair it yourself?

[Forest]

Originally Posted by Veterans Day

Do you know your middle fico score, and why does your credit suck? Thats first off

I owe about 13k to past CC companies from trying to live off them while starting a business that never took off

So thats why i dont know if i can even get a loan.

I got 10k now about another 5k in the next 2-3 months for the dcown payment

I dont know what my fico score is no

[Veterans Day]

Originally Posted by badmunchkin

Interesting info - do you recommend any credit repair agencies or is it better to put in the effort and try to repair it yourself?

You gotta do it yourself, start with all the negative shit, passed debts that you still owe what have you. Are there chargeoffs reported cause the creditor gave up on you? Just start contacting the creditors and working one on one with them, its no easy road

[Veterans Day]

Originally Posted by Forest

I owe about 13k to past CC companies from trying to live off them while starting a business that never took off

So thats why i dont know if i can even get a loan.

I got 10k now about another 5k in the next 2-3 months for the dcown payment

I dont know what my fico score is no

Your in a bad spot, regardless of what a broker tells ya. Conventional is definately out, FHA would require those debts be paid before securing a loan and subprime lenders may also do the same, all while raping you hard on loan terms. Clean your shit up before even thinking about looking for a loan. Your going nowhere fast. Not to be rude, but its the truth. I no longer have any financial incentive to lie or tell ya you can get a lon, unlike a broker look for another payday

[badmunchkin]

Originally Posted by Veterans Day

You gotta do it yourself, start with all the negative shit, passed debts that you still owe what have you. Are there chargeoffs reported cause the creditor gave up on you? Just start contacting the creditors and working one on one with them, its no easy road

Just some really old unpaid bills - going on the 7 year mark I would think a lot of these would be dropping off but it seems to be sticking

The other issue is it seems even if you pay off these debts, getting it cleared from your report is a whole other story - even getting the creditor to report that it's paid is a hassle.

[Forest]

Originally Posted by Veterans Day

Your in a bad spot, regardless of what a broker tells ya. Conventional is definately out, FHA would require those debts be paid before securing a loan and subprime lenders may also do the same, all while raping you hard on loan terms. Clean your shit up before even thinking about looking for a loan. Your going nowhere fast. Not to be rude, but its the truth. I no longer have any financial incentive to lie or tell ya you can get a lon, unlike a broker look for another payday

how much worse is it to declear bankruptcy to clear all the debit

that is an option im looking into

will that make possibilities worse?

even with the shit loan u eluded to above can someone like me still get a high risk high interest rate loan?

[Veterans Day]

Originally Posted by badmunchkin

Just some really old unpaid bills - going on the 7 year mark I would think a lot of these would be dropping off but it seems to be sticking

The other issue is it seems even if you pay off these debts, getting it cleared from your report is a whole other story - even getting the creditor to report that it's paid is a hassle.

the 7 year theory works and it doesnt, if a creditor has a hard on for you they may reinitiate the debt which starts your 7 year theory all over again. The 7 years pertains to the last time they reported it to the bureaus. Just pay the shit, your not gonna win.

[Veterans Day]

Originally Posted by Forest

how much worse is it to declear bankruptcy to clear all the debit

that is an option im looking into

will that make possibilities worse?

even with the shit loan u eluded to above can someone like me still get a high risk high interest rate loan?

There are some lenders that will take you on right after you leave the bankruptcy hearings. Bankruptcy for 13k is crazy IMHO. Ya you can get a loan but the bankruptcy will haunt you for 7-10 years making it nearly impossible to improve your loan situation a few years down the road. Look all your gonna get is a shithole 2/28 or 3/27 subprime loan at 9-10-11% with a 6 month prepay penalty, also if your payment is due on the 30th of each month these are the fuck lenders that call you on the 29th asking if you sent the money. Its absolutely brutal. I have seen many people like yourself in the same situations, that say ya I will take the 2/28 at 9% fix my credit and get out of it. 9 out of 10 people never do and once the 2 year mark rolls around your mortgage payment went from 1500 to 1850 a month cause your stuck and cant make a move.

[badmunchkin]

Originally Posted by Veterans Day

the 7 year theory works and it doesnt, if a creditor has a hard on for you they may reinitiate the debt which starts your 7 year theory all over again. The 7 years pertains to the last time they reported it to the bureaus. Just pay the shit, your not gonna win.

Thanks for the good advice

[sperbonzo]

Originally Posted by Veterans Day

Your in a bad spot, regardless of what a broker tells ya. Conventional is definately out, FHA would require those debts be paid before securing a loan and subprime lenders may also do the same, all while raping you hard on loan terms. Clean your shit up before even thinking about looking for a loan. Your going nowhere fast. Not to be rude, but its the truth. I no longer have any financial incentive to lie or tell ya you can get a lon, unlike a broker look for another payday

of course it would not be not be a conventional, or FHA loan, however, underwriters (institutional and noninstitutional), have now set up many guidelines in FL to securitize loans that will NOT rape you as badly as was once the case.

I would NOT reccomend filing BK, and if you really work on fixing your credit over the next several months, and then the first two years of the loan, you can refi and get good terms.

[Veterans Day]

Originally Posted by sperbonzo

of course it would not be not be a conventional, or FHA loan, however, underwriters (institutional and noninstitutional), have now set up many guidelines in FL to securitize loans that will NOT rape you as badly as was once the case.

I would NOT reccomend filing BK, and if you really work on fixing your credit over the next several months, and then the first two years of the loan, you can refi and get good terms.

Tell me the terms of the loan? I want to know what part of the rape they have changed? These lenders wont require those oustanding CC balances to be paid at or before closing?

[sperbonzo]

Originally Posted by Veterans Day

Tell me the terms of the loan? I want to know what part of the rape they have changed? These lenders wont require those oustanding CC balances to be paid at or before closing?

That would depend on how long overdue those payments are, and how recent they were outstanding.... There is a lot more flexability than there was even 18 months ago.

[Veterans Day]

Originally Posted by sperbonzo

That would depend on how long overdue those payments are, and how recent they were outstanding.... There is a lot more flexability than there was even 18 months ago.

Spoken like a true broker looking for his 3-5% YSP out the back end. Lets face it, he gets nothing more than a 2/28-3/27 with a nasty prepay and hilarious interest rate.

[sperbonzo]

Originally Posted by Veterans Day

Spoken like a true broker looking for his 3-5% YSP out the back end. Lets face it, he gets nothing more than a 2/28-3/27 with a nasty prepay and hilarious interest rate.

Say whatever you'd like. But this is something I do just on the side, and I'm happy to help out a GFYer without trying to make money off of him. I'm trying to help him.

I don't live off of the mortgage thing at all.... I'm not looking for a yield spread to pay my bills. I'm plenty busy with my billing services and companies that I represent and I do just fine with that thanks very much.

[Forest]

Originally Posted by Veterans Day

Spoken like a true broker looking for his 3-5% YSP out the back end. Lets face it, he gets nothing more than a 2/28-3/27 with a nasty prepay and hilarious interest rate.

well i guess im in the boat of beggers cant be choosers

and the debit is several years old

[JFK]

Originally Posted by Veterans Day

Spoken like a true broker looking for his 3-5% YSP out the back end. Lets face it, he gets nothing more than a 2/28-3/27 with a nasty prepay and hilarious interest rate.

"he gets nothing more than a 2/28-3/27"
can you enlighten me to the meaning of that? I presume it has something to do with term ???thanks

[Veterans Day]

Originally Posted by Forest

well i guess im in the boat of beggers cant be choosers

and the debit is several years old

Well atleast your aware of how bad your gonna get nailed.

[Veterans Day]

Originally Posted by JFK

"he gets nothing more than a 2/28-3/27"
can you enlighten me to the meaning of that? I presume it has something to do with term ???thanks

ya the 2/28's and 3/27's are the standard loans subprime lenders give. Meaning the rate is locked for 2 or 3 years. Then the wild nasty fluctuations happen after such time. 99% of the time if you take a 2/28 or 3/27 you will get a prepay penalty also, meaning if you refi or pay the loan in full before the 2 or 3 years they typically charge you 6 months interest ontop of your current payoff. Its brutal, its ugly and it has the ability to wreck you financially. They suck, period. The theory these brokers use is the "Lets use this crap loan so you can get back on track financially and credit wise, then we can get you out of this into a FHA or conventional loan program." This fails many ore times than it happens. If your a subprime borrower the lenders know your unlikely to change your ways. Thats why they pay huge commissions to brokers for doing 2/28 and 3/27 loans. They know most people never leave cause they dont change thier spending and credit lifestyles.

[sperbonzo]

Originally Posted by Veterans Day

Well atleast your aware of how bad your gonna get nailed.

I just say this one more time... I'm not going to nail him. The terms might be bad because of his scores, LTV, etc... but I'm not looking to make money off of people on this board in the mortgage area. THAT IS NOT HOW I MAKE MONEY. My friend owns a Mortgage lender, and I send him business once in a while.

I've been in the online transaction processing business for 4 years. I was VP of Biz Dev. for WSB, then a company called Fraudscrub...

I own Astral Group Inc, an e-commerce consulting company. We have contracts to represent MPA3, SegPay, ElectraCash, etc....

I'm Director of Merchant Acquisition with Duocash, an alternative payments company.

I"m building several other businesses involved in online billing that will be finished in the next two weeks.

I'm too busy to be a mortgage broker full time.

[sperbonzo]

Originally Posted by Veterans Day

ya the 2/28's and 3/27's are the standard loans subprime lenders give. Meaning the rate is locked for 2 or 3 years. Then the wild nasty fluctuations happen after such time. 99% of the time if you take a 2/28 or 3/27 you will get a prepay penalty also, meaning if you refi or pay the loan in full before the 2 or 3 years they typically charge you 6 months interest ontop of your current payoff. Its brutal, its ugly and it has the ability to wreck you financially. They suck, period. The theory these brokers use is the "Lets use this crap loan so you can get back on track financially and credit wise, then we can get you out of this into a FHA or conventional loan program." This fails many ore times than it happens. If your a subprime borrower the lenders know your unlikely to change your ways. Thats why they pay huge commissions to brokers for doing 2/28 and 3/27 loans. They know most people never leave cause they dont change thier spending and credit lifestyles.

You are correct in some ways. If you try to prepay by refinancing BEFORE the 2 year adjustment, then you will pay a penalty. The trick is too pay at least one month at the higher adjusted rate, THEN refi.

As for not getting back on track financially, this is not the fault of the lenders, it is the fault of the people getting the loans that don't get their crap together.

If Forest was to REALLY work on fixing his credit, and then paid one month into his higher adjusted rate after two years, he could make this work, refinance, and fix his situation. If he waits another year to fix things, the housing prices in this area will be SKY HIGH and it will be much harder for him to afford anything.

[dropped9]

Is 620 the benchmark fico wise when getting a fixed 30yr mort loan?

[Forest]

Originally Posted by Veterans Day

Well atleast your aware of how bad your gonna get nailed.

yes i am

Just like the rate i got when I bought my car and got the company to finance me and paid like 23% on the loan

I fucked up my credit now im paying for it

Literally

[Veterans Day]

Originally Posted by Headless

Is 620 the benchmark fico wise when getting a fixed 30yr mort loan?

620 is the usual limit set by conventional lenders, 580+ for FHA but more factors play into like LTV and so forth. Alot of people go FHA as they allow onlly 3% downpayment, use FHA money for 1-2 years then flip conventional which offers alot more different loan programs, instead of FHA's usual 1 year arm and 15 and 30 fix.

[Forest]

can u explain the terms FHA LTV 1year arm

Thanx Im cluless with this as you can tell

[Veterans Day]

Originally Posted by sperbonzo

You are correct in some ways. If you try to prepay by refinancing BEFORE the 2 year adjustment, then you will pay a penalty. The trick is too pay at least one month at the higher adjusted rate, THEN refi.

As for not getting back on track financially, this is not the fault of the lenders, it is the fault of the people getting the loans that don't get their crap together.

If Forest was to REALLY work on fixing his credit, and then paid one month into his higher adjusted rate after two years, he could make this work, refinance, and fix his situation. If he waits another year to fix things, the housing prices in this area will be SKY HIGH and it will be much harder for him to afford anything.

I know im right, I did the shit for 10 years, ofcourse its not the lenders fault. They just prey on people with credit situations like Forest. People payoff all the time before the 2 year mark is up, wether it be, selling, cashing out, there are a dozen reasons. You outline the ultimate strategy, which rarely happens

[Veterans Day]

Originally Posted by Forest

can u explain the terms FHA LTV 1year arm

Thanx Im cluless with this as you can tell

FHA 1 year arm is what it is, fixed rate for 1 year then no more than 1% rate increas or decrease the following years. They may have changed it as the Govt. always does. They require 580 or higher fico score, check your transunion score as thats what always held the most credibility. They will require your credit card debts be paid off either before or at closing. It sounds like your only option is a subprime 2/28 or 3/27 loan at this time.

[Forest]

Originally Posted by sperbonzo

If he waits another year to fix things, the housing prices in this area will be SKY HIGH and it will be much harder for him to afford anything.

Thats what Im really concerned with

i dont even know if I can find a house i can afford now as prices are already incredible down here. Avg home price in Broward county is now like 320k