kjunior Posted July 3, 2003 Report Share Posted July 3, 2003 Firstsource, i spoke to a lady yesterday that claims she can get you into a home no matter what your scores are. She said bring her $1000 upfront to get everything started to go ahead and look for a home and can get you in the home within 30-90 days. When you move into the home you put up another $1500. they will carry the note letting you rent w/option to buy for 6-12 months. She says that they have a back way in the banks to get you approved for the loan. during this process i believe they work on your credit as well. Well, i do my own credit. After getting finaced for the home youput 5% down. No matter what the home cost as long as you can afford the note. she said your interst rate should be anywhee from 7-10% after geting financed. The only reason i'm interested in it is b/c the condo i live in now has just been sold and i need a place to move to. i really don't want to rent for 6 months if i can get into something to rent w/ opting to buy. How does this sound to you. Could you call and inquiry about this to see if it sounts ligit. the number is 501-975- i live in Little Rock Arkansas. the name of the company is Trinity Mortgage, or does it sound like a rip off? I'll get the rest of the number and send it to you in a few minutes if you don't mind calling. Thanks Link to comment Share on other sites More sharing options...
kjunior Posted July 3, 2003 Author Report Share Posted July 3, 2003 Firstsource, if you get the chance that phone number to Trinity Mortgage is 501-975-1545. This is a add in from my last post. Link to comment Share on other sites More sharing options...
kb9tbq Posted July 3, 2003 Report Share Posted July 3, 2003 Charles will be along, just wanted to coment on this - that I think companies that promise to do credit repair & mortgage have to be on the shady side of things. I have heard of some doing this, just don't seem right that you should want them to decide what they deem to be disputable with the CRAs, cause it is your credit at stake without someone else taking liberties to have certain information removed / which may actually hurt the score instead of helping if they are not up on the scoring side of things. How the over all picture looks, good credit repair also takes in to account on what can be built apon to improve not just deletions being accomplished. So I would only do this if it was a joint effort with you & them, deciding what gets done. Link to comment Share on other sites More sharing options...
kjunior Posted July 3, 2003 Author Report Share Posted July 3, 2003 Thanks KB. i was thinking more of me continuing to do my own credit repair and letting them help with the house. What do you think. i just need to move. i'd rather not sign a 6 month lease somewhere and then be moving again another 6 months from now. Link to comment Share on other sites More sharing options...
kb9tbq Posted July 3, 2003 Report Share Posted July 3, 2003 Yes I can sure appriciate that, being that I just moved myself, don't want to move again if I can help it for sure.I think Charles will confirm that this will likely not be the right way to go, especially with all the different plans out there for aquiring mortgage. To be wrapped up into a pre rent agreement. (And what says that the homeowner you buy from will want to go along with this).Like FHA it is all good and fine if the homeowner wants to go along with the pay arrangements.I bet Charles can give you a much better idea on what can be done. But he will need some key information from you like: How much you currently make compared to your monthly debt paid out, also what your scores are (even if it is just the regular scores you have now). I know I have heard him & some of the other loan officers mention that some plans can go with scores as low as 520. But it all depends on how the numbers are crunched for what you want for purchasing power. Link to comment Share on other sites More sharing options...
firstsource Posted July 3, 2003 Report Share Posted July 3, 2003 Well, It does not make sense to me-but I absolutely don't know everything. Here are my concerns:For 1K what are you getting. It sounds like they are charging that to get the loan application going. Do you get it back if the loan does not go through? If so, and they are around when it is time to give you the $ back, no problem. Now, what do you get for the next 1500? I don't understand. Now you have a rent/option. I believe that at this point you could have done it all yourself, ie found a place-(normally FSBO-For Sale By Owner) that is willing to take a deposit from you that will be applied towards the pre-agreed upon principal. Then, the amount over the "fair market rental value" that you pay, is also applied towards the principal price of the home. Then in 12 months-You refinance. The appraised value of the home has to be same or higher at that point than the original agreed upon price. All of the deposit and extra payments may end up being 5% of the sales price-at least that is our goal. Now, you are getting a 95% loan. Not too hard to do, because you have been working on getting your credit up to the 600 range, and that normally can be done in a year. Back to the deal...Now you have to put in another 5%? What does that go to? I hope that it reduces the price of the home. Will they base the sales price on the appraisal that you get? I have seen appraisals for the same house, that ran 65K in Feb and 200K in June. Same appraiser. Just different goals each time. Many tricks can be played by appraisers. So you need to get your own appraisal. Not a hard thing to do. Now, after a year you don't know the interest rate? Why? What if they say it is 10% and I say I will finance you for 7%. Do you loose the deal?I hate to pour cold water over your deal, but I know you knew that there was something up or you would not have given me the chance to talk with you about it. You can do this on your own. I will be happy to guide you along the way. Glad to answer any questions. Best of luck to you-hope that your goal is the 700 club.Charles Link to comment Share on other sites More sharing options...
kb9tbq Posted July 4, 2003 Report Share Posted July 4, 2003 Hey Charles; caught you See you just could not go have your day with out checking posts first, lol Link to comment Share on other sites More sharing options...
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