NeedItNow

It's the fact that the judgement could be attached to the house he plans on buying, not one he already owns. Depending on the judgement type, it could put the lender in second lien position, which is unacceptable.

It depends on what the judgement is for, a lot of lenders will ignore it if it does not effect title.

I think that is no problem, happens everyday.....The collections will keep you out of conventional, but sub-prime with those scores and no MI will be close anyway, especially when your talking 100%.

I hope the answer to that is "No". Nothing worse than having proof of breaking numerous lending laws. (Specifically, this could be viewed as an enticement). Was your Realtor or LO aware of this loan?

There could possibly be some niche lenders that would offer it (and it would reflect that in the price), but Freddie Guidelines are 95% max CLTV. This is pretty much for all ARM, 6 month, 1/1, 3/1, 5/1, ect. On the 80/20 ARM, these are done everyday in the Sub-prime world as 2/28 or 3/27's. You will not have MI, but will face a higher rate on the first and several points higher on the second. Matt

Where do you live? My scores through FICO were exactly the same as the ones pulled by Landsafe for Countrywide, although my LO did tell me that the trimerge often times is a few extra points higher. I have a 628 midscore and had no problems at all getting a mortgage (110k combined income and very little assets or down payment). Where do you live? <{POST_SNAPBACK}> I live in the area of Pitt county north carolina. we will have about 5-6k in cash reserves, that I plan to use about 1/2 for closing costs and points if I need to, and the rest for washer/dryer/other house stuff we'll need when we move. Whatevers left goes back into savings. I want to do a 100% LTV, because I dont want to be broke after closing costs and a down payment. I like the idea of an 80/20 and the idea of a 5/1 ARM, but I dont know if there is a package to do both. Because of that, I am aiming for a price of 100-105k because I can afford at least that much for a regular 100% loan over 30 years. We only plan to stay for 4-5 years tops. Our combined income is about 50-52k, I make nearly twice what my wife does. The only information I have had confirmed is that for a 670 score, a CW rep told me I could do this: Selected Loan Product Fixed Rate for 30 Years, no down payment interest rate 5.875% points 1.250 guaranteed fees $2,146 apr 6.043% loan amount $102,000 with no problems. Obviously the lower the rate, the happier I am. It's a tight market here, and theres not as much for 100k as there is for 110, which is why i'd love to get some non-pmi loving or ARM action going on. Then I can stay within my budget and get some more space. I would just like to keep the payment around 850 total and that includes if I have to pay pmi, and also the escrowed taxes or whatever. Thanks for any assistance. (btw, this also assumes that like i said, the scores that cw pulls are the same as the ones i get off myfico.com... if they are lower, i'm screwed possibly ) <{POST_SNAPBACK}> That may be your best bet if you are going 100%. Conventional 5/1's or balloons will allow a max 95% CLTV. Matt

In that case, be sure to check out Option ARMs. Some have a start rate of 1% and qualifying rates in the 4's. Matt

Hello, Preapprovals are good until something material changes with your situation... As far as rates, do you need 100% financing? In that case, and assuming you don't fly conventional (I have to assume there are issues if you have a 556), an 80/20 2/28 ARM would probably in the high 6's for the 80% and 11's for the 20%. There could be other options depending on your credit. The bigger issue may be your Debt to Income Ratio. With the above program, you can use up to 50% of your gross income for bills (House payment, cars, Credit Cards, Student Loansm, ect). At 250k, your payment would be around 2k, and we haven't looked at taxes or insurance yet.....Any chance you could find a less expensive starter home? Matt

FYI - I had a file laying on my processors desk, and the Coutrywide rep came in trying to drum up business. I told him if he wanted to do a 100% loan with a 570 mid-score, he could have one. Oddly enough, he said yes - Had it out of underwriting the next day with conditions cleared one day after that. Needless to say, looks like they are hurting for business. Good rates also, low 7's, beats the hell out of MILA.

Good news, a FICO of around 600 is not horrible. Get with a mortgage broker and let them shop the lenders for you. It is their job to find you the best rate, and they have access to better rates than you do as a consumer.

Is this Countrywide?

On one hand, foundation problems are scarry. On the other hand, the work was done a considerable time ago. You would think that any problems would have shown themselves by now. It is not hard to spot a shifting foundation, there will be cracks everywhere. Looks like you have a tough choice to make. Keep in mind you will have to disclose the past foundation problem when YOU sell the house as well. I'm thinking "Deep" discount.

Actually, Fannie Mae even has a program for it's expanded level borrowers which will reduce the rate with timely payments... :-)

Well, I don't know all the details of this loan, but it seems to me given the rate and the huge loan discount fee, it may be worth your time to submit this deal to a broker and let them shop it around. Your scores are decent, and the rolling lates can be counted as 1 x 30, plus you obviously have some equity. There is a good chance you can do better.

Ouch.... What are your credit scores and what is your mortgage history?