Need refinance loan for single family property

Guest 0.10 Dollars($)

Hi,

I need a loan for $70,000 for single family property, my fico score is 630-660, is a 100% LTV possible, purpose is to refinance owner occupied property in michigan.

Guest 0.10 Dollars($)

well, 100% LTV at 630-660 score seems to be a difficult one. why not shop with a few lenders and find out what they''ll have to offer you.

ckalvesmaki · Posted: Fri Jun 22, 2007 6:49 am Post subject:

What is your current rate? Is this a cash out refi or rate and term? Can you give us a few more specifics?

ezmortgageloanz · Posted: Sun Jun 24, 2007 5:11 pm Post subject:

With the limited information provided (score only) you could potentially qualify for a FHA loan---the FHA loan would allow for up to 97.75% on a rate and term refinance and up to 95% for a cash out allowance.

Another possibility could be a Fannie Mae My Community 97 or 100, but I would need further details to confirm.

Regards,

Scott Miller

Guest 0.10 Dollars($)

kalvesmaki, i do not know about rates, that's something i would like to know and hey I'm looking for a cash-out refinance.

Caron · Posted: Mon Jun 25, 2007 4:40 am Post subject: RE: 100% LTV refinance

Hi Tami,

If you wish to go for 100% financing, then most lenders would require you to fulfill the following criteria:

Property must be owner-occupied.
FICO score of 620.
Debt ratio may be less than 45%.

However, these criteria vary from one lender to another.

Regarding the loan options, you can choose FHA loans or even a Mycommunity mortgage as Scott has suggested. For any information on Mycommunity Mortgage, you may refer to a previous discussion on this topic.

willisaddo · Posted: Mon Jun 25, 2007 12:35 pm Post subject: 100% LTV refinance

Hello Tami,
With Most, if not all FHA progarms their isn't a credit score requirement ( some lenders have minimum scores). Allthough, credit scores aren't required they would look at credit history to see if theirs any delinquent accounts in the past 12-24 months. Medical collections can be overlooked depending on amount. All collection, tax liens, judgements would have to payed. In the event that you have some delinquent accounts you would have to write a letter explaining the reason for the late(s) on each account. Any lates on mortgage or rental history would reflect very bad on a FHA approval.

Federal Housing Authority (FHA) simply insures that someone with less than perfect credit scores can still obtain decent interest rates.

I guess you're looking for 100% b/c your sure the appraised value will come in close to your balance or b/c you're not sure. In any case let me know if you have further questions.

take care

ezmortgageloanz · Posted: Mon Jun 25, 2007 3:39 pm Post subject:

To expand on the FHA discussions:

1. Any collection, judgement or any other credit related issue that happened 2 or more years ago, there is no need for further explanation.
2. The following most be paid prior to closing a FHA loan:

- Any court ordered judgement (exceptions made if payment plan is established)
- Any outstanding federal lien (school loan, back taxes, ec.) would disqualify the borrower.
3. With the exception of court ordered judgements and an outstanding federal lien, all other collection accounts need not be paid.

Regards,

Scott Miller

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