Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

Need a Subprime lender....

Author Message
Icon Mini Profile Jeanette
Jeanette
Community Expert
Community Expert



Joined: 19 Oct 2007

Posts: 121
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
36.28 Dollars($)
Post Posted: Mon Nov 26, 2007 9:58 am    Post subject: Need a Subprime lender....
Like 0
Dislike 0

Are there any lenders out there who still do subprime loans. I have a client who has 2 lates this year and credit score at 560.
Icon Mini Profile evolovik26
evolovik26
Community Expert
Community Expert

best lender badge

Joined: 15 Aug 2007

Posts: 537
Location: Minneapolis
28.93 Dollars($)
Post Posted: Mon Nov 26, 2007 10:05 am    Post subject:
Like 0
Dislike 0

try equifirst
_________________
Eugene Volovik
Home Loan Consultant
Countrywide

612-481-3127
Conventional, FHA and Commercial Lending in 48 states
Icon Mini Profile uptightmortgageguy





Joined: 25 Nov 2007

Posts: 21
Location: WV
8.00 Dollars($)
Post Posted: Mon Nov 26, 2007 12:45 pm    Post subject: I know a guy
Like 0
Dislike 0

85% LTV 11.125 rate 3.25 points. It's ugly but so is the market. You likely can do better.
_________________
A slightly irritable loan officer in the trenches offering advice on all types of mortgage issues.

http://uptightmortgageguy.blogspot.com
Bea

Guest







Post Posted: Mon Nov 26, 2007 4:35 pm    Post subject: Subprime lending solution
Like 0
Dislike 0

Because subprime lenders are so few and far between, you may want to consider another alternative. Instead of turning them away when they cannot qualify, why not help that client get their finances in order and increase their credit score. They can payoff some of their debt (increase dti) and increase their fico score all while you still have them as a client. Once they have corrected some of these things you have a better qualified client to work with. It is a win, win for you and the client. You can also get paid for referring them to this service. You can also show them how to get all this done for free. For more information contact Beatriss

"Lbntravel@sbcglobal.net"

[Email address deactivated as per forum rules. Thanks.]

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile sagarthakar
sagar.thakar




Joined: 15 May 2007

Posts: 71

27.67 Dollars($)
Post Posted: Tue Nov 27, 2007 2:08 am    Post subject: reply
Like 0
Dislike 0

Please check Guaranteed Rate Wholesale's - Score Advantage Program .... good program and much flexible
Icon Mini Profile Caron
Caron
Moderator



Joined: 19 Jul 2005

Posts: 1519
Location: florida
281.04 Dollars($)
Post Posted: Tue Nov 27, 2007 4:47 am    Post subject: RE: loan with 2 late payments and credit score of 500
Like 0
Dislike 0

Hi Jeanette,

I think Bea has suggested the right thing by saying that if you could help to improve the credit score of the client then that would be good. May be your client needs some credit counseling help to organize his finances for a few months and then he'll get to a moderate score with which he can qualify for better loans.

Quote:
You can also get paid for referring them to this service

By the way, Bea, what kind of service are you reffering here? is it something related to credit counseling or a sort of financial advice?

Good luck

_________________
Mortgage Shopping made easy with booklet
Icon Mini Profile jasonredding
jason.redding




Joined: 21 Nov 2007

Posts: 30
Location: Orchard Park, New York
16.53 Dollars($)
Post Posted: Tue Nov 27, 2007 1:57 pm    Post subject:
Like 0
Dislike 0

Jeanete,

There are still plenty of subprime lenders out their, You want to most likely start with Citimortgage they have the best rates in this very ugly market. Equifist was mentioned, countrywide, chase bc, resmea etc.

like someone else mentioned you could refer them to a service to get their scores up but be careful with that cause they could also ruin their scores. If you do a little research online you can help people do that yourself and keep them as your clienmt. By adding cfredit repair to what you offer you can increase your business and your referals ten fold.

good luck if you have any question please feel free to email me

_________________
Jason Redding
Senior Mortgage Specialist
Nickel City Funding
Orchard Park, New York
877-865-3232 Ext 212

www.ncityfunding.com
Icon Mini Profile willisaddo
willis.addo


best lender badge

Joined: 10 Oct 2006

Posts: 32
Location: Atlanta
17.53 Dollars($)
Post Posted: Tue Nov 27, 2007 2:30 pm    Post subject:
Like 0
Dislike 0

Let me know if you're still looking for a sub prime lender. I maybe able to help.

Will

_________________
Will Addo
Wells Fargo Home Mortgage
678-473-6776-O
www.wfhm.com/wfhm/willis-addo Website

“Your credit score: Those three little numbers
can have a six-digit impact on your life.”
Icon Mini Profile eriklsmith





Joined: 27 Nov 2007

Posts: 1

1.78 Dollars($)
Post Posted: Tue Nov 27, 2007 8:43 pm    Post subject:
Like 0
Dislike 0

I work at Chase Bank and we can do loans for credit scores from 530+, please email me at "erik.l.smith@chase.com"

[Email address deactivated as per forum rules. Thanks.]
Icon Mini Profile sagarthakar
sagar.thakar




Joined: 15 May 2007

Posts: 71

27.67 Dollars($)
Post Posted: Thu Nov 29, 2007 12:16 am    Post subject: reply
Like 0
Dislike 0

Guaranteed has launched a new program Traditional Alternative ..... ur requirement should fit in that ..
Icon Mini Profile michelle
michelle
Community Expert
Community Expert

best lender badge

Joined: 08 Oct 2007

Posts: 153

40.40 Dollars($)
Post Posted: Thu Nov 29, 2007 4:19 am    Post subject:
Like 0
Dislike 0

Jeanette,

I have to agree with the posters above that raising credit score and letting those lates anniversary would really help you obtain a much better loan for your client. If they really must proceed now there are plenty of lenders left. Citi, Chase, Equifirst, Bayrock, Wells are just a few. Good luck and I hope you are able to find something beneficial for your client.

_________________
Michelle Keck
Mortgage Network Solutions
302-252-0100
www.michellekeck.com
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Thu Dec 06, 2007 6:05 pm    Post subject:
Like 0
Dislike 0

Hi Jeanette,

I agree with Bea, Caron ans michelle that instead of going for a sub prime lender, one should increase his credit score. Thus he can get a loan at a lower interest rate.

Thanks,
Larry
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.140 seconds.