chesire17201 Posted November 20, 2004 Report Share Posted November 20, 2004 was looking at their site and they seem to have quite a few options, just wondering if anyone has any experience with them, also charles or mortgageman, do either of you offer any type of 0 money down loans? i am really looking for something we can get so there's no down payment and i can roll all closing costs into the loan...... Link to comment Share on other sites More sharing options...
firstsource Posted November 20, 2004 Report Share Posted November 20, 2004 I will speak for both of us, and say yes. That was the simple answer:You have to have a 580 mid score (there are a few lenders that have licenses in some states, that offer 100% with a 560)You have to have, for most lenders, at least one trade line open over 24 months. You have to have "0" lates on your current mortgage or rent. You need to have either paid your rent by check, and have access to check copies, or be living in a place that is managed by a property management company. You need 2 years job history, best is with the same company/job/industry, but there are ways around that sometimes, just depends on the circumstances. Lastly, again this is different per lender, but collections/charge offs need to be over 12 months at least, and no judgments left open. Beyond that, every loan is different when you are in the sub-prime and/or "alt-a" market, so without looking at the full picture, it is not possible to say , sure you can get a loan. Charles Link to comment Share on other sites More sharing options...
chesire17201 Posted November 20, 2004 Author Report Share Posted November 20, 2004 well it all looks fairly good then...mid score for both is aprox: 680 (give or take 20pts haven't pulled at myfico yet) tradelines are there, my history is iffy, but GF is fine(damn her perfect credit )always paid rent on time with a checki have been on current job for 8 months but same field for about 5 yrs on and off, GF has been at hers 1 1/2 yrsGF credit is perfectMINE: TU = clean EX = paid repo from '99, 2 accounts from citifinancial listed as transeferred/sold $0 balance one from '96 one from'99 EQ = one collection $98, is listed as disputed, and is a medical, was posted to file about 5 months ago, currently dealing with the PA att. gen. about this company......all 3 list my child support as well EQ and TU list as pays as agreed, EX lists as was collection/now current My PG fako scores are TU 713, EQ 758, EX 686 GF ? higher than mine for sure, she has never had a late in her life, but really need to pull her reports...so what do you think charles? Link to comment Share on other sites More sharing options...
firstsource Posted November 20, 2004 Report Share Posted November 20, 2004 You are good to go, should have no problem with 0 down. One other thing, depending on the lender, you are allowed to have the seller pay up to 6% of the sales price towards closing costs, and they run between 4-6K, depending. So, have the contract when you purchase to include that issue. Lets say just for fun, that you get the 6%, and there is "left over $", you can have the funds put towards lowering your interest rate. Charles Link to comment Share on other sites More sharing options...
chesire17201 Posted November 20, 2004 Author Report Share Posted November 20, 2004 i'm hoping to try that, my plan is either: pay seller full price and they pay all closing costs and associated fees, or we pay 6-7 less than asking price and we'll pay them(if we can get the right type of loan, as we have $0 saved) Link to comment Share on other sites More sharing options...
firstsource Posted November 20, 2004 Report Share Posted November 20, 2004 Your reply is what I hear most of the time, which is why I always suggest that the closing costs get included into the loan. Some people negotiate the best price, then before the agreement is signed, change to add the CC in, or some just make a 5% less offer and 6% towards CC, then give in on the 5% less offer, but keep the CC being paid left in.One other word of caution, in most cases, but depending on the lender in yours, you still have to assume that there are going to be some costs that you will need to pay. ie, most lenders break the two catagories of closing costs into recurring (taxes and interest and insurance) and non-recurring. Most all of the lenders will allow participation from the seller towards NRCC for 3-6%, bub most will not allow the seller to pay the recurring ones.Charles Link to comment Share on other sites More sharing options...
wert Posted December 6, 2004 Report Share Posted December 6, 2004 I have nothing but good things to say about CountryWide. I refied with them six months ago and gave me a great rate. I also have a Home Equity Loan with them. You can call a rep and they tell you about all kinds of different programs.Funny thing-I just refied an investment property with another company two months ago. I received a letter last week that it had been sold to CountryWide!! Link to comment Share on other sites More sharing options...
edubb007 Posted December 6, 2004 Report Share Posted December 6, 2004 I had a mortgage with them for a year! They were fantastic! So good luck!Edubb Link to comment Share on other sites More sharing options...
Recovering Attorney Posted December 6, 2004 Report Share Posted December 6, 2004 The people we sold our house to went t hrough Countrywide with a ) down payment loan. The closing took forever, but they seemed pretty happy. We accomoated teh closing costs thing by upping the purchase price by 6%, then giving them a "closing cost credit" for the 6%, so it was a wash for them and they could add a little more to teh mortgage. My ex was impressed and financed her home with Countrywide. Of course, because she left me holding all the credit, Countryide bounced me to Full Spectrum, their subprime lender. I got phone calls from three diffferent people. They are aggressive, but seem to be on the ball. I ended up getting a deal from my credit union, though. Link to comment Share on other sites More sharing options...
DownAndOut Posted December 9, 2004 Report Share Posted December 9, 2004 I absolutely love Countrywide, they simply will not foreclose on me even though I paid nothing for 8 months due to injury.They have now offered me a repayment plan with no penalties,.Unheard of in this industry.I will never buy a home without Countrywide again, that is until I pay cash, which will happen one day. Link to comment Share on other sites More sharing options...
vonniegirl Posted December 9, 2004 Report Share Posted December 9, 2004 Glad everyone had a good experience with CountryWide. Mine was not. They refuse to work with me when I was injured. Yes I had Mortgage Protection Insurance but they wanted blood. I eventually refinanced with another company....then another company..finally with Mortgage Lenders Network....Great people. If you interested you can pm me and I can give you a name.Good Luck! Link to comment Share on other sites More sharing options...
ghacorp Posted December 16, 2004 Report Share Posted December 16, 2004 If you're interested in doing business with a "bank from Hell" choose AmSouth of Birmingham! Miss a couple of payments and you're into foreclosure with this outfit. They send brochures to their customers on what to do when there's a hardship situation and how they can assist (as required by FNMA, etc.) only then to stick their customers with legal problems and bills up the ying yang. Their servicer is Dovenmuhle of Schaumburg, IL also about as inept as a firm could ever get. So, my advice for what it's worth is avoid these lenders. Link to comment Share on other sites More sharing options...
chatter2960 Posted February 11, 2005 Report Share Posted February 11, 2005 I am considering contacting Countrywide about a loan, but I saw this site:http://www.countrywidehomeloansucks.com/new_page_2.htmNow I don't know what to do, but the positive post on here have helped. Cheshire, did you ever follow through with them? Link to comment Share on other sites More sharing options...
chesire17201 Posted February 14, 2005 Author Report Share Posted February 14, 2005 no, i actually used a local broker and we are getting our loan through AIG..... Link to comment Share on other sites More sharing options...
Recovering Attorney Posted February 14, 2005 Report Share Posted February 14, 2005 Don't be bought by the cheery advertising. I'd explore a local broker or lender before you enter Countrywide's world. Link to comment Share on other sites More sharing options...
firstsource Posted February 14, 2005 Report Share Posted February 14, 2005 And one of the many odd things about the way the mortgage industry works, chances are the best rate, on a CW program, that will be serviced by CW, will come from a wholesaler that your broker works with. I am biased towards using independant mortgage brokers, one of the reasons is that if you go directly to CW, or any direct lender, if your situation does not fit right, they will try to make it fit, whereas if you go with a broker, they have a multitude of programs and lenders to work with. Charles Link to comment Share on other sites More sharing options...
Recommended Posts