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Is this a good mortgage loan???


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I've been diligently read the posts and fixing credit issues. I only have 2 active derogs on my credit report a tax lien that's in repayment and an incorrect credit card balance on my Equifax report that is settled with a zero balance.

I recently received word that I could obtain 100% financing up to 250K with Countrywide's subprime division for the following terms:

3/1 ARM

80% - 7.625%

20% - 11.5%

Blended rate of 8.4%

3 discount points at closing

No prepayment penalty

No reserves needed

Underwriter has already signed-off on the terms

I've tried FHA but was told that recent lates in the last 12 months would bar me. I have 60 days to make a decision.

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Actually I agree on that. I don't use CW as a lender, for a number of personal reasons, so don't know of their actual programs. I do use 2 companies that wholesale their programs, and both of them have a minimum of 560 for 100% financing.

I would get the CW person you are working with to put it in writing that with your scores, and have them listed, they will give you the 100% financing.


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first_source: I've gotten the letter in writing however it did not include the credit scores though. I was also told that since CW is a direct lender I will have the option of having my credit run again to see if anything changes to get a better rate up to 60 days.

breathing_easier: I have not sent out goodwill letters yet. I plan on doing that today.

Thanks for the help.

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