quanxavier Posted July 26, 2005 Report Share Posted July 26, 2005 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 ARM80% - 7.625%20% - 11.5% Blended rate of 8.4%3 discount points at closingNo prepayment penaltyNo reserves neededUnderwriter has already signed-off on the termsI'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. Link to comment Share on other sites More sharing options...
DallasLoanGuy Posted July 26, 2005 Report Share Posted July 26, 2005 what is your score?you might want to find a broker and let them shop your loan. compare to countrywide.you can improve your deal i think.a lot of sub-prime lenders offer a maximum 9.99% on the second lien. Link to comment Share on other sites More sharing options...
quanxavier Posted July 26, 2005 Author Report Share Posted July 26, 2005 The mortgage broker I contacted said she could offer 9.2% at 95% financing on a 2/1 ARM. Link to comment Share on other sites More sharing options...
DallasLoanGuy Posted July 26, 2005 Report Share Posted July 26, 2005 if countrywode can close that loan. do it. it is a deali dont know anyone doing 80/20 loans below 560 fico. Link to comment Share on other sites More sharing options...
breathing_easier Posted July 26, 2005 Report Share Posted July 26, 2005 quanxavier: Your sig seems to say that you haven't pulled a true FICO score since 3/05. Do you know what your current FICO score is? Have you tried a goodwill letter to the OC to get the lates removed? Worth a try. Link to comment Share on other sites More sharing options...
firstsource Posted July 27, 2005 Report Share Posted July 27, 2005 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. Charles Link to comment Share on other sites More sharing options...
quanxavier Posted July 27, 2005 Author Report Share Posted July 27, 2005 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. Link to comment Share on other sites More sharing options...
amortgageman Posted July 28, 2005 Report Share Posted July 28, 2005 I've gotten the letter in writing however it did not include the credit scores though.Credit score disclosures are required by law. You want to know, or threaten them with TILA violations, and let them pay the fines.Then sit back and listen to the excuses. Link to comment Share on other sites More sharing options...
firstsource Posted July 28, 2005 Report Share Posted July 28, 2005 Yes. I think that this FACTA law/regulation is wonderful. Consumers should know what their scores are.Charles Link to comment Share on other sites More sharing options...
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