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Posted by Jim V on July 27, 2006 at 23:33:34:
In Reply to: New program we are offering posted by donna on July 27, 2006 at 12:29:16:
Donna,
Generally, we assume this forum is for the free exchange of thoughts and information regarding foreclosure, and the foreclosure process. Your post appears to be pushing a specific program, rather than exchanging information.
Many people in default won't know what a FICO is, or the significance of a given score. They may, or may not know what LTV is, and how it relates to the probability of obtaining a loan. When you start to go into derogs, DTI, VOE's, you enter the realm of lender-speak where someone who has missed a few payments is going to be totally overwhelmed.
While this forum is free for the exchange of information, it isn't an open bulletin board for posting commercial ads.
Feel free to e-mail me if you need clarification of board policy.
: 500 FICO to 100% LTV Financing is a GREAT program for your LOWER FICO borrowers to get back on their feet. Some of the restrictions are that they have to have $5,000 or less in collections, on the job for 30 days, no major derogs (i.e. bk’s) in 24 months. This program also allows a 60% DTI, NO MINIMUM ASSETS, no MINIMUM trade lines, WRITTEN VOE TO VERIFY INCOME, also with a 24-hour underwriting. This type of program is excellent for the borrower that has had some bad luck on paying bills on time but hasn’t acquired too much debt, hence the $5,000 or less in collections. The investor we work with knows that sometimes people get into situations like this but are still good canidates for a loan.
