Subprime Lending

[Subprime Lending]

I am a Wholesale Account Executive for Bankers Express Mortgage. We lend in Arizona, California, Colorado, Florida, Idaho, Illinois, Maryland, Nevada, Ohio, Oregon, Utah, Washington. Our niche is Subprime, Alt Subprime and Hard Money. A few highlights are... FICO's as low as 300, Foreclosure Buyouts, NINA with Mortgage Lates, No Score, No Seasoning on Value, Property is currently listed and much more.

Steve Meninger
subprimelending@msn.com

[OregonLO]

I'm curious to hear a little bit more about your programs. Down to a 300 fico? What kind of LTV would that be at? How low of a Fico will you take for 100% financing? I'd assume they would have to be able to go Full Doc, yes?

[Subprime Lending]

Each state is a little different for product 555. I'll address Oregon (we refer to as Zone A) for our A+ grade. This grade is 0x30x12, BK Discharge 1 day, NOD released 3 years and must be current..

300 FICO Full Doc 70%
300 FICO Stated 70%
300 FICO NINA 65%

Regarding the 100% which is our product 100. For purchase loans only our AA+ 0x30x12 (no rolling) BK 7 & 13 discharged 1 day or dismissed 2 yrs, NOD/FC released 3 yrs...

Full Doc FICO 600 max loan is $600K
Stated Self Employed FICO 640 max loan is $500K
Stated Wage Earner (MAX 90% LTV) 580 FICO max loan $550K

Steve Meninger
subprimelending@msn.com

[OregonLO]

well, it sounds like you have some interesting products. What do rates look like when you have someone down in the 490 scores? Do you have a website?

[Subprime Lending]

Below 500 FICO is always our product 555. For OR (Zone A) with a credit grade of A+ 400-499 FICO...

Full Doc to 75% starting at 11.75%.
Stated to 70% starting at 11.75%.
NINA to 65% starting at 10.99%

Base Cost 2 yr pp 3.00 (PAR @ < 65% LTV)
Base Cost 1 yr pp 3.50
Base Cost No pp 3.50

Please check my profile for the web address.

Steve Meninger subprimelending@msn.com

[OregonLO]

hmm, that sounds like some interesting products that you have. Do you allow a CLTV of 100% with a 25% seller carry if they can find someone who is willing? I'll certainly check out your profile and explore your site a bit.

[Subprime Lending]

SUBORDINATED FINANCING / SELLER CARRYBACKS:

Maximum CLTV allowed is 100%. For an SFR, PUD, Low Rise or High Rise Condo... If CLTV is over 80% or sale is a FSBO than 2 BPO's are required. We will have an eye on artificially inflated values to mask a seller carry back that is just paper.

Steve Meninger
subprimelending@msn.com

[OregonLO]

sounds good Steve,

Thank you. I'll have to run through some of my files to see who can do what.