1 score loans

[renee1974]

Does anyone know of a Lender that will give 100% LTV to someone with only 1 score of 537. She does have alternative credit she can use if allowed.......

[Lockett The Lender]

Might be able to get it done FHA, but that might be a stretch.

[renee1974]

Already tried. She dosent have W2's or tax returns only 24 months bank statements ..... Thanks anyways :)

[Lockett The Lender]

Run away from this file as fast as you possibly can, don't look back, don't collect 200 dollars, just run! OK, that might be my gut instinct but advising your client on the best way to clean up their credit would probably the professional thing to do. A 530 with one score and no bank statements or w2's is going to be rough!

[renee1974]

Wanna know what sucks? I just started as a L.O almost two months ago, and this is my first loan! Oh well, hopefully I can soon find some easier files to work with :o


Thanks for the advice!!

[Lockett The Lender]

Don't worry it will get better. I would use a few of these types of files to practice and get comfortable with clients and discussing numbers. After that I would not spend a great deal of time with these clients, and would refer them to a credit specialist and maybe keep in touch with them every few months. If nothing else for the referrals.

[renee1974]

Thanks again for the help :)

[OregonLO]

you might try www dot 500fiko dot com

they might be able to pull something off BUT don't get your hopes up too high. I'd say run away from this file too. That's not a nice one to have for your first loan...ouch.

[renee1974]

Yeah already tried that but didn't work. She now wants to get her mom in and have her as a co- borower/ co-signer (if theres such a thing as a co-signer). Her mom agreed to doing so. She has already paid off her home so she has no mortgage payment. The daughter wants to wait a couple of yrs. and fix her credit then refi. in her name.....Any ideas/ input on this?

Thanks!

[OregonLO]

Well, She'd most likely be the borrower. if she makes more money and has the credit scores. If she is willing to do it then you can make it work. Good luck and I hope it works out.

[renee1974]

I hope it works too! Thanks for the help :)

[OregonLO]

no problem. good luck with it and be sure to ask for some referrals!! They need to send you a couple clients.

[renee1974]

Yeah no kidding! The Real Estate Agent that referred them to me owes me big time, cause this one hasn't been easy especially for my 1st one! But thats ok, I need the practice anyways.

[OregonLO]

that's an agent referral??? ouch...haha...Well maybe they want to see what you can do. So if you pull this one off hopefully you'll see a lot more from that person with better credit!

[renee1974]

Oh Yeah, thats an agent referral! Apparently she's new aslo and this is her first client who happens to be a friend of hers. Sooo we will see what happens.....

[Lockett The Lender]

This agent owes you. Its good you are both going through it together but put those running shoes on. Her mom would be the borrower and not the co - borrower because she has the credit and the cash to qualify. This is a tough one.

Good Luck

[renee1974]

Thanks again for the help! Im glad I found this forum, you guys have been helpful :)