Looking for a mortgage on all equity primary residence

ke · Joined: 24 Nov 2007 Posts: 1 2.12 Dollars($)

I am seeking a mortgage. Details below.
1. I have a primary residence appraised at $530,000. It has NO mortgage. It is all equity. This property is located in Sussex County, New Jersey.
2. I am looking for a 15 year fixed rate mortgage. FHA mortgage is fine if you can really get that. I want to borrow about $120,000 to $150,000.
3. I have NO credit score.
4. I have excellent Bank/mortgage reference from an investment property I own.
Sussex Bank would provide the mortgage verification. I can also supply other credit references.
5. I have applied to a very large number of lender. I have been approved at high interest rates and I reject it. I have also had a lot of brokers/sales people who could do nothing.
6. I have appraisal and title insurance that can be transferred into the name of any lender.
7. I am not interested in "World" or high interest type loans. Just regular 15 year fixed. I would consider an FHA type 30 mortgage if there is no prepayment penalty. I am open to other reasonable options.
8. If you can provide a mortgage, let me know.
Kenneth Ellman
Phone:9734549027 or 9739486961
Post Office Box 18 (US Mail Only)
159 Route 521 (Fedx or UPS Only, No Mail Box)
Newton, New Jersey 07860

uptightmortgageguy · Posted: Sun Nov 25, 2007 12:20 pm Post subject: Answer

Kenneth:

Credit can be created through other means and then you can be re scored. Is there a reason your current mortgage is not reporting? Is it under a corporate name? Sounds like your lenders aren't digging enough.

Things like phone bills, home insurance, utilities, ect.

edited per forum rules - If you know of a lender feel free to list them

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi Ke,

Welcome to this forum.

Your credit is not good but you own a house which is appraised at $530,000. So I think you can get a FHA 30 mortgage with favorable interest rates. This community has a lot of registered lenders. Someone will surely help you. You can try to contact them.

Thanks,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 887 132.55 Dollars($)

Hello Kenneth,

There are lenders who will work with no credit but the interest rates will be extremely high. You may come across a no credit check mortgage where lenders will consider your financial situation such as your income and personal references, but the rates will be high.

It is always better to apply for a mortgage with a decent credit score. Even if you try for an FHA mortgage or a conforming loan, the lenders will prefer to see a credit score.

Caron · Posted: Mon Nov 26, 2007 10:45 am Post subject: RE: fixed rate mortgage lender

Hi Keneth,

Your choices seem to be good enough – at least you wish to go for fixed rate mortgages that too quite a long term one, so there won't be too high monthly payments. I'm not sure of FHA loan limit in your county. You can just check it out from https://entp.hud.gov/idapp/html/hicostlook.cfm by entering the county and the code along with the state and other details.

Now, you said that you don't have a credit score. Is it that you haven't asked for your score from the credit bureau, which provides you with a copy of your credit report? Or is it that you haven't taken up any credit card or other loans and managed them- if you've done that, it would be reflected in your credit report itself. If the former is true then you need to contact the bureau and request them for a score. The bureaus will probably charge you a certain sum for the score but the credit report is accessible free at least once a year.

Once you get the credit score, it will help you qualify for loans because it speaks about your creditworthiness after all. Be it an FHA loan or any conforming loan wherein you don't have to possess a great credit score but lenders look for the minimum score at least.

However, if you haven't managed any credit so far, then take a credit card having small credit limit and start using it. Make payments in time and it will help assign you a score. But for this, you'll have to wait for a few months.

For the lenders offering mortgages, you can check out with our community itself. There are a group of lenders offering a variety of loan programs to choose from. If you are interested and would like to receive quotes, send in your request for mortgage quotes along with the minimum details. As soon as our community receives your request, we shall forward it to the lender who are a part of it. The lenders try to match their profiles with your requirements and if they find out that they will b able to offer you the loan, then they'll contact you asap.

Good luck!

livinginnky · Posted: Mon Nov 26, 2007 10:56 am Post subject:

You stated that you are not interested in high interest loans. Well I hate to be the bearer of bad news but that is how credit works. If you have good credit you get a low rate. If you have bad or no credit... IF YOU QUALIFY.... you will get a high rate. There is no way around it. You either build credit or pay a higher rate. FHA may be an option, but you would have to build a 1-2 year alternative credit profile... using things like utility bills etc.

rick · Posted: Mon Nov 26, 2007 11:33 am Post subject:

Hi Kenneth. There are lenders out there, like Wells Fargo and Wash. Mutual, just to name two, who offer loans for individuals who have no FICO score. It is called "Non-Traditional" credit. It does not equate to high rates. Depending on the lender, you may need to show 12 months of timely payment documenttation, like housing payments, utilities, phone bills, etc.

If you're talking to a mortgage broker, make sure he/she is knowledgeable about this. It's not that unusual. What you are doing is a Cash Out Refi for a Conforming loan amount, and the big lenders will tell you that FICO score is a less sensitive variable.

I am a mortgage broker and I just had a client just like you, and what I just told you has been my experience.

Good luck. You should be fine.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.56 Dollars($)

Lisa.......It is against forum rules to solicit clients here........

Guest 0.10 Dollars($)

i have a adjustable rate which has increased from a 5.85 to 10.35 current payment 2252.00 monthly.Credit score 640-660 no late payments on anything.I have plenty of outgoing bills and have a problem with mortgage lenders on my debt ratio as well as my LTV on my home.My son lves at home and contributes ,I would like to have him as my co-mortgage to add his income we are in a situation of break even monthly.

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi Dennis,

Welcome to the forum.

I think you should refinance the mortgage into FRM so that you can decrease the rate and at the same time add you son on the mortgage. So talk to your lender regarding this. If he does not allow you for refinancing you can do it from other lenders. So shop a bit for lenders and you can get even better rates and terms.

You can even you can get no-obligation free mortgage quote so that you can refinance from the rated lenders of this community.

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Fri Apr 25, 2008 12:48 pm Post subject:

dennis, with a clean credit record and mid-600 scores, you would be well-qualified, it seems, for an fha loan. i suggest fha because you will not be hammered with add-ons as with conforming loans these days.

adding your son (as an owner also?) ought not to be a problem, as long as his credit is sufficiently good to qualify.

reach out to a lender right away so you can get out from under that nasty, ugly 10.35% rate.

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