I have done two loans with them... Expect rates to be around 12%-14%... But they do get them done!

If you plan on paying any of the collections that are over 2 years old, please work with the collection agencies to get a "paid for delete" letter. Usually the older collections can be negotiated this way. Basically, you pay them, they remove them from the credit report. If not paying off old collections can and will initially hurt the credit scores. I would look at the loan to see if it might be an FHA manual underwrite. How has the clients last 12 - 24 months looked? What are their rent and utilities payments? FHA underwriters doing manual underwrites love to see reserves. With that type of money in the bank it would be a definite plus.

you may want to try the lenders delta funding and or First franklin

Ken, great post, that was what I was going to say. FHA is the way to go in a lot of cases.

Although, a good explanation needs to be given for the derog and usually be in a re payment plan for 12 months.

Any questions, e mail questions_j@yahoo.com

we may have a few sellers willing to do a lease option or wrap.

we can do no bank qualifications, no credit checks, no downpayment, if they can afford the monthly payments and come in with 2 months and 5% for closing costs, we can give them a house.

all we want them to do is refinance the property in their own name within 3 years when theyre able to do so.

I am always amazed by these kinds of people, good income but they just don't pay their bills, but yet they have 10% or more to put down on a home. Does not make any sense.