Hello-

My husband I have a combined income of $107,500/yr. My credit scores are 608/624/634. Based on this information, do you believe we would be able to get 100% financing in Phoenix, AZ? We don't have much, if any to put down...as we've been power paying down debt to get credit scores up. Any insight would be greatly appreciated.

I noticed you only put your scores down not your husbands. With the income you make, and the FICO scores you mentioned, you will be able to get 100% financing. Your interest will be determined by the primary wage earners mid FICO score. There are literally hundreds and hundres of lenders out there with hundreds and hundreds of programs available. Not only do I sell Real Estate but I am also a mortgage consultant and see this quite often. Hang in there and you will soon be in a new home. If you can get your credit scores up a little more, and many ways to do that, then your interest rate and options will be even better for you.

[This message has been edited by Roymyers (edited 08-26-2004).]

You can definitely qualify for 100%. Feel free to contact me at your earliest convience in order to discuss your options.

Larry
866-476-4489

I am only licenced for GA, but my program
guidelines are as follows:

580 middle score = 100% financing.
Expect to be paying 8-9% on a 2 year arm.

680 middle score = 103/105/107 financing.
Expect to pay around 6 on a 30 year etc.

Usually if your above 680, you can get
an 80/20 without any issues.

MY NAME IS TAVIN IFILL, SR. LOAN EXEC HERE AT CONCORD MORTAGE. GIVE ME A CALL SO WE CAN GO OVER YOUR SCENARIO.

MY NUMBER IS 866-471-3220 X 393
TAVIN IFILL

Quote:
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MY NAME IS TAVIN IFILL, SR. LOAN EXEC HERE AT CONCORD MORTAGE. GIVE ME A CALL SO WE CAN GO OVER YOUR SCENARIO.
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Would you be interested in trading a discount on closing costs for a caps lock key?

Regarding the 100% thing - I got 100% loan as a single buyer with a lot less income than that. I wouldn't think you would have a problem.

kclay, Say I am a realtor and am awaiting my mortgage brokers license here in the Phoenix area. If you can hang on, I will do your mortgage at no cost. My pitch to people is that if you will give me your real estate business I won't charge you to do your mortgage. Basically, I'll give you par rate with no origination fee. I should have the license issued in a few weeks. Thanks.

The word defiantly should never be used in this industry. I think everyone in here would agree especially based on the information in the post that was given.

There are several options you have. I have many options available for you. I offer a free consultation and 2nd opinion. I simply want to see everyone who I can talk to get the best possible deal period. I also advise that you find someone with experience in this industry.

I do have a conventional 100% loan available based on that mid score. However, it does require full documentation of your income. This means if you are W2'D then you provide pay stubs and W2'S. If self employed it would require 2 years of tax returns. Some sub-prime lenders will also use bank statements as a full documentation loan.

I have RBC's In-House Products and I can broker to 150 other lenders. You have an excellent chance of finding a great deal.

If you were able to do Full Documentation then you would qualify for a fixed rate that is very competitive.

RBC'S Fee's
325 Underwriting
300 Processing
These fees do not apply on brokered loans!

All other Fee's are 3rd party. (Appraisal, Title Ect.)

Also in sub-prime lending you traditionally use the score of the primary wage earner in qualifying for a loan. That is not always the case in Fannie/Freddy lending. I am able to use the best score in-house in most cases.

Also that is a very generous offer from Arizona Agent. I would check into it.

Arizona Agent how well do you know the industry and what type of lending are you going to be able to do?

There is a good chance but it depends on what you are going to do, what type of house and your. Your mid score is okay. My suggestion is to build up your reserve. The lender might require seasoned money.

You should use a loan broker for your loan needs to avoid getting multiple inquiries on your credit report which could lower your credit score. Also, credit scores take time to increase even when you are paying down your debt aggressively.

Make sure you tell your broker how important your credit is to you and you want to authorize all inquires first.

Many will send your loan to another lender whom pulls your credit. Most times this can be avoided.

When you apply make sure to ask what area you can buy a home in. As in could you buy a rural property.