Ok hear is the situation:

1.Client good rental history 7 years.

2.Was at 578 middle needs 100 percent financing.

3.works 2 jobs income no problem,has past 2 car repos.

4.Waited 1 month because paid cc's down on balance to rescore,score dropped to middle 538.

5.The reason is they had late on target and sears that he was a co-signer on with ex-wife 8 years ago,cc company says even though not married the only way to get name off of credit card is to close account,his ex-wife can't do that because it has balances on it and she can't afford the payment.He should of closed the accoutn years ago and made ex-wife reopen in her name alone if he would have done this his score would be above 580 now and we wouldn't have an issue.

the lo says with a 100 percent the seller would have to take back a 25 percent carryback which is really hard to do.

They can par 300 to 400 a month extra over there price range for a house.I was looking at a private party lender who didn't base anything on credit,they do not have a deposit to put down.

The only options i see is for private financing,anyone know anyone?If i could get 100 percent with the seller taking back a second of maybe 10 or 15 i might be able to get them to do that.

thanks for the help,if anything i am using this as a creative finance adventure.

Super Realtor,

You may not need to go through private financing. There is a lender out there that will do 100% down to a 575-mid FICO if your borrower can go Full-Doc. Their Full-Doc only requires the last 12 months of bank statements. With the wife's credit card issue, your client may need to provide a LOE [Letter of Explanation] to their underwriting. I am going through a similar situation right now which should close next week. Below is my AEs contact info...

John Di Corpo
Accredited
888-290-2028 Phone
949-212-5141 Cell

Please mention my "Sean Pham" and "Good Luck".

The borrower may still be able to qualify for a 100% depending on what is contained in his credit report. If he has less than $5,000 in charegoffs,repos and collections. Plus there are no outstanding judgements or liens he will qualify for 100% financing.

hey super


if you cant find a seller carry back for 10-25%, look for a property and take it over subject to existing financing and continue to help him fix his credit for a refinance. no bank qualifications no credit checks. figure out how much your client can afford monthly and put up a contigency fund for reserves and your profit for facilitating this creative method. then just call a bunch of FSBO's and tell them you have a client who's willing to take over payments(PITI) for 2-4 years until he can clean up his credit for conventional financing. you can also spice up the deal by splitting any future appreciation when he gets a new loan at fair market value.

YES, Accredited can use broker credit for 60 days. this may help.

might have to move quick.

__________________________________

James Keely
Dir Of Operations
Florida Mutual Mortgage
http://www.zerodownflorida.com

great idea for Accredited. their AEs use a pricing engine that will help them decide how much they want to charge the broker in order to make money. great system.

has this loan even been run through DU?

60? First National Bank of Arizona will go up to 120 days on a credit report. Crazy world I tell ya...

Rude Awakening is correct... First National Bank of AZ will allow up to 120 days on a credit report... as long as you're approved through them. This will enable you to use their interactive www.fnbavenue.com pricing engine and AUS... it's one of the most comprehensive pricing engines out there.

Update:

I found a lender that would go middle 520 score if the seller would take back a 20 percent second which they did.We basically set the 20 at a low interest rate so the buyer could qualify for the loan.

Probably not as much as some of you make on here but with the buyer and seller i made net commission of 11k.

Thanks for everyone's help:)

how was the 2nd note structure and how long are they willing to carry? also does the lender know about the seller carrying a 2nd? did the buyers put a downpayment? what was the CLTV?

im interested in how this was worked out

Mila will go to a 560
Meritage will go down to a 575

These repo's.. Is there a judgment? If so it likely needs paid at closing.

Did he sign for the Target card? If not then he was just added as an authorized signer. If this is the case he can get off of it. I would contact them directly and ask them to send you proof you signed. If they can not produce then they have to remove.

Nevermind.. You closed it. Good job lol.