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Can any lender do this loan for me??

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ravik Joined: 07 Sep 2007 Posts: 22 10.46 Dollars($)	Posted: Fri Sep 07, 2007 2:06 pm    Post subject: Can any lender do this loan for me?? Like 0 Dislike 0 loan amount: $104000. Appraisal value $135000, LTV 80%, FICO 534, cashout, 30 yr fixed, full doc, owner occupied, state-Indiana, wage earner. Most of the subprime lenders are saying that the min subprime score is 640?? holy God!....Is this true. Help appreciated!! Ravi
bernt Guest	Posted: Fri Sep 07, 2007 3:55 pm    Post subject: Like 0 Dislike 0 Quote: Most of the subprime lenders are saying that the min subprime score is 640?? holy God!....Is this true. Yes, this is the scenario presently after what we have seen happen with some of the big names in the industry.
ravik Joined: 07 Sep 2007 Posts: 22 10.46 Dollars($)	Posted: Fri Sep 07, 2007 4:05 pm    Post subject: Like 0 Dislike 0 yeh i understand.....any idea when the situation is going to come back to where it was six months back???
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Fri Sep 07, 2007 7:45 pm    Post subject: Like 0 Dislike 0 Well, things are slowly improving but it would still take some time. Six months back the situation was not like what it is now, that time some would have agreed to approve this with a 534 score. Miller
livinginnky Moderator Joined: 08 Sep 2007 Posts: 631 29.96 Dollars($)	Posted: Sat Sep 08, 2007 10:38 pm    Post subject: Like 0 Dislike 0 Besides the cash out you could look FHA. Also I do believe the going rate even if the scores were 640 are going to be around 10.5% for these loans.
NWIloanguy Guest	Posted: Sun Sep 09, 2007 8:29 am    Post subject: Like 0 Dislike 0 My question is why is the score where it's at? Instead of hoping to find a product that will match their score, how about we try to get their score to match a loan product? Wall St. Journal says 80% of all credit reports have errors. Does this one? Call me if you would like further. I am a Mortgage Planner, not a credit repair company! Scott 219-695-0369 or "scott@nwiloanguy.com" [Email ID deactivated as per forum rule.]
ezmortgageloanz Moderator Joined: 06 Apr 2007 Posts: 123 Location: National 37.57 Dollars($)	Posted: Sun Sep 09, 2007 3:35 pm    Post subject: Like 0 Dislike 0 FHA will allow for up to 85% on a cash out refinance regardless of your credit score with rates in the 7s---good luck! Regards, Scott Miller _________________ National FHA Mortgage Broker www.BadCreditMortgageMakeover.com
liaoyu03 Joined: 09 Sep 2007 Posts: 166 4.48 Dollars($)	Posted: Thu Oct 04, 2007 10:23 am    Post subject: Like 0 Dislike 0 there are some lenders which will work with a 534 credit score. the interest rate won't be good...Do u have any mortgage lates? Are you taking out any cash with the refinance? The rate will also be factored in with wether or not the refinance is a cashout refinance or a rate and term.
evolovik26 Community Expert Joined: 15 Aug 2007 Posts: 537 Location: Minneapolis 28.93 Dollars($)	Posted: Thu Oct 04, 2007 5:44 pm    Post subject: Like 0 Dislike 0 FHA is the only way to get a decent rate witht that score and you would need 12 month of clean credit. And no cashout. Maybee go FHA > then get cashout in a year or so when credit improves _________________ Eugene Volovik Home Loan Consultant Countrywide 612-481-3127 Conventional, FHA and Commercial Lending in 48 states

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