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questions for Charles


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Talked to countrywide for preapproval

Fico's are 592-601-689 So his 601 is the base.

Getting all taken care we get 7% (this would be 2200 worth debts paid. It is such a hassle to file for id fraud) or 9% for 100% loan.

1st how would you rate countrywide?

Is there better for these scores?

Also we wanted to get a house that needed some work.

For example- preapproval 100k-- house 50k---we wanted to get loan for 70=80k. I know some banks do this. Let you get loan for more then house purchase. How does this go?

Also countrywide told me if repairs need done, i.e.-broken window they will not approve it.

We are at wits end here. We are thinking they want us to got right in a brand new house which is what we do not want.

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I have a feeling that there is some misunderstanding here.

1) most lenders with your scores will not allow you to get cash out from a purchase. But it sounded like you were told that CW can give you some money to pay them down. Now, maybe they have a program like that and I don't know about it. I, for a personal reason, don't do much,if any business with CW (I use a wholesaler of their loans) so am not 100% up on their products, but would question it.

2) No traditional lenders that I know of will give you an equity - subject to-based loan. What this means, is that they will only lend on a home that will appraise in "good" condition or better (Average is better, for example) for the sales price or the appraised value, which ever is less. So, what you are going to be looking for is a Hard Money Lender. Your situation sort of fits those programs, but 99.9% of those lenders won't lend for Owner Occupied homes.

3) Your last comment is part of the reason that I don't use CW. That type condition of home that you mentioned is the same issue that FHA has. My clients don't mind buying a home that needs to have a window repaired after they get into their home.

Finally, I don't quote rates on the forum. It is very hard to do that based on the limited information posted on the forum. There are so many things that go into quoting non-conforming loans. Declared income/job history/collection accounts-Charge off accounts history/etc. It seems that 9% is fair for a blended rate, but could be high or could be low, depending on your circumstances.


P.S. I sometimes lately work with conforming loans, and with those, it is just a rate issue combined with a time frame issue. Typically the lower the rate the slower the process.

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The thing I was talking about was an "SHA203K"

Our real estate agent called a mortgage guy she works through and asked him about it.

He did not pull but we offered his FICO and debts.

He said we possibly could qualify for this loan. They get someone to go in and assess the damage. And then take in consideration appraisel AFTER work is complete and go from there.

With debts paid and the scores now- He said Possibly 4.99 to our agent. This is by hearsay.

I sent disputes out. Going to pull FICOS in 2 weeks. See if scores go up in dispute and pull then from mortgage company. Plus that will be within 30 days of first pull.

Sorry misunderstanding. CW said they did NOT have that program and said they never heard anything like it.

We can more afford a fixer-up then immaculate.

We have family in every type contracting work to help us.

We would do major repairs before moving in.

Explain more on conforming loan please.

I am not going to let this other mortgage company pull his reports. I will pull in 2 weeks and print out and see what he might be able to do before actual pull.

Also.......... Can they consider my income along with fiances with no credit check? I would NOT be on loan or deed. I have no score at all

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The FHA 203K program may be a great one for you, since you have family that can advise you on the $ needed to fix up the home, and they probably can do the work for you. The rate he quoted is close, I would ask to see a GFE(Good Faith Estimate), as the loan origination fees may be higher than if you pay a higher rate.

Generally there are 2 different types of loans, Conventional and government (FHA-VA) Then the conventional is broken in to "conforming" loans, which are for borrowers that conform to the FannieMae/FreddieMac type requirements-5% down, 2 months PITI(House payments) in reserves, etc.

Then the non-conforming are all of the other type loans, made up of Sub-prime (loans that have guidelines not rules) and Alt-A or A-, sort of inbetween sub-prime and conforming.

Probably more than you wanted to know, but gives you an idea of what is available. The reason that I always suggest people go to a broker is that a broker finds a program that fits the client, a lender trys to fit a program to the clients needs. That is why dealing with CW Direct will be frustrating to most that visit this forum.


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Loan officer said they do not go by scores as much as whats on report.

If all Negs are paid (and 1 fraud for 333$ fell off today) and the home qualifies he can get 4.99 He said the home has to have OVER 5000$ worth of repairs and bank has to be willing to do FHA.

Is there usually a problem with bank owned houses going FHA? This bank is Wachovia if you have ever had to deal with this.

Have to fax last 2 years Taxes & W2s

He said I can fax Fico reports and he will pull nothing until we are ready.

Also must pay appraisel before & after work- Work must be complete in time limit- 3% down- Pay someone to assess damages-pay 1/2 closing.

loan officer said it can get costly to go this way but for some it works best in long run. So I think I am looking at 6-7k up front.


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