Another 100% approval - Scores 520, 563, 567

Here we go again. I just finished closing one of my other 100% purchase loans yesterday. The median score for that loan was 580, so this was no big deal anyone can do that right? Well today, the scores for my new client are 520, 563, and 567. Most lenders will use the median score. However, I haven't seen anyone get an approval for a 100% loan with a median score of 563 in a long time. My source is solid, so I know will close this one shortly. Additionally, the buyer of the property I closed yesterday didn't have to pay a dime in closing costs. He even got $2,000 dollars back at closing for the earnest money deposit, appraisal and insurance he paid out of his pocket.

100% 546 Credit Score

The mortgage business never ceases to amaze me. Today was no different. We had been working on a loan for a borrower who has a 546 mid credit score. The borrower really wanted a 100% loan to purchase a home. I ran his scenarios through several automatic approval systems. Can you believe it? I got him a 100% approval from one of my best lenders at near conforming rates! He won't need to bring any money to closing either because we will allow the seller to pay his closing costs. Now that I know who to send these difficult loans to, I will be making alot of real estate agents very happy! So many of them have lot's of borrowers who were denied mortgages because of similar circumstances.

Beginnings

I just created this new blog to document my experiences in the mortgage business. No deal we do is easy and there is much that homebuyers and borrowers can learn from our daily activities in this industry. Stay tuned for more info.