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Financing 101 - When Purchasing Homes, Credit is not an issue

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Acee
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New style of brokering. We never charge more than 1%. We offer 100% Financing for your 1st home, 2nd home or your investment home. What you don't know can cost you a great deal but, this information is free. If you'd like to contact us, we can be found at www.cbjfinancial.com or you can reach me, Charles by phone at 909-659-1969.

* Credit scores are not an issue no matter which state you live in. We provide Funding solutions for the majority of the Continental United States. *

July 11 2007 - US

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Replies (31)

Drew Meyers, "Drew"
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Drew Meyers, "Drew"

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acee-
This is SPAM. We will begin removing anything else that you post like this, but we wanted to give you a warning 1st.

July 11 2007

Richard Federico
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Richard Federico

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Credit scores are Always an issue.

July 12 2007

Acee
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Not always true. As a loan Officer I'm able to work with many different types of lenders. A lot of lenders specialize in poor to low credit scores. Example I had a customer refi his house @ a rate of 7.14% with a credit score under a 600. the entire process took a week to close.

July 12 2007

Acee
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I'm in the process of helping a couple purchase a home with credit scores under 600

July 15 2007

smitty462
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acee I went to your web site you posted and it almost looks to good to be true. I?m getting started in real estate investing and I have this duplex I wanted to refinance but my problem is the loan I have is still green. I?ve remolded the side we are living in and I wanted to free up some money to better position my self for my next real estate purchase. Do you think there is a program out their for me?

July 15 2007

Acee
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There is alway a program for the customer. The only thing is your income and bills have to form the right DTI. Your monthly bill divided by your monthly income total your DTI. If your dti is lower than 50% you are looking fine.

Example (monthly bills 2,000 divided by monthly income 5,000 = dti 40%)
(2,000 / 5,000= 40%)

July 15 2007

Jim DeCesaro
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Acee...isn't credit score relevant if you want the best interest rate in the current market? Isn't it true that the lower your credit score, the higher the interest rate? Do you explain this to your clients? Do you assist in helping them to raise their credit scores before "shopping" them to lenders/investors?

July 15 2007

Acee
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Jim you have an excellent point but some lenders actually specialize in poor to low credit scores and the rates are very close to par. Some clients have the time to let me work on raising their scores and some simply can't wait.

I have made it my practice to work with my customers as long as it takes to get them the financial help they need. I don't do this to make money I became a l/o because I was burned with a refi before and I thought I could help other people.

July 16 2007

Acee
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A realtor is a very important part of buying a house, you should always consult with one.

July 16 2007

Brenda Sprankel, "bree007"
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Brenda Sprankel, "bree007"

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FICO scores do matter these days more then ever as well as other factors.
I dont know where you have been lately but 100% loans with low FICO's are not a good way to go. Every night on the TV I have heard about so many sub-prime lenders getting in much trouble. I would be extremely wary of a lender offering this option.

July 17 2007

Acee
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Bree007 you have and excellent point FICO scores do matter but that is not the whole issue. Everybody is not going to have 5 %-10% to put down with a 680 or better FICO score. I?m just letting people know that there are other options that will assist their needs.

Here is an example on a $200,000 home purchase with 5% down ($10,000) and a 680 credit score which gives the customer an interest rate of 6.125%.

$190,000 X 6.125% = a monthly payment of $1,154.46 pi

100% finance on the same $200,000 home purchase with a 580 to 600 credit score gives the customer an interest rate of 7.5%.

$200,000 X 7.5%= a monthly payment of $1,398.43 pi

That is a difference of $243.97 a month. If you don?t have that type of down payment available or have a strong credit score home ownership is not that far out of reach.

July 18 2007

Glenn Powell, "Your mortgage Choice"
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Glenn Powell, "Your mortgage Choice"

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Credit is very important!!! You need to be educated on how much you can save on the life of your loan by getting you scores to strong position. Paying off debt before you purchase a home, keeping your balance low on your credit cards. You should always have 70% avavailbe credit on your balance that way it will not hurt your scores. Also have at least 3 trade lines and nothing maxedout. Try to check y all three of your scores every 6 months to a year so you know if anything negative is reporting on there!

Glenn Powell

July 18 2007

jeremy.b
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Acee, has the thought ever crossed your mind that people with low credit scores might not have the financial sense to purchase a home? Now I realize that many people with low scores have those scores because of circumstances beyond their control. But plenty of people with low scores have those scores because of their inability to manage their own finances. Home ownership should be a goal for everyone but making it as easy figuring out what to have for dinner that evening isn't a good idea. In the market we're in now with homes potentially depreciating in value 100% financing is NOT a good idea.

God forbid they miss a house payment or two because even though you claim credit isn't an obstacle to getting a home, credit is an obstacle to many other things like getting a good job or financing other things besides your house. So you can get someone into a home with no money down. That doesn't mean its a smart thing to do. To make matters worse, when people that are upside down on their home loans go into foreclosure ultimately it brings down property values in the neighborhoods they are in.

There's something to be said for the people that actually save money to put down on a house. It doesn't even have to be the 20% that used to be common. It just really bugs me when people treat the purchase of a home like it's some sort of impulse buy. I'm sorry to say it but some people just aren't cut out to purchase homes.

July 18 2007

Acee
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Jeremy.b I love what you wrote so I will leave you with one comment. What you said is a catch 22 meaning home ownership is the best way to build your credit up.

After you have been in your house for 12 months and made all your payments on time you can either refinance or streamline your loan down to a lower rate since your credit will improve.

I don't know about you but I'm not judge or jury on who should be a home owner. There are a lot of people who made a bad move here and there and now are paying for it. I say lets help them not hang them out to dry.

July 19 2007

Jane Noltensmeier, "Jane Noltensmeier"
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Jane Noltensmeier, "Jane Noltensmeier"

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You may be able to get a loan with poor credit, but be wary of the terms and conditions. Typically borrowers with poor credit are offered loans with very high interest rates and stiff pre-payment penalties. If you're okay with that, then go for it. Otherwise, you might be best off to wait a year or two and get your credit issues cleared up. Then you'll have your pick of great loans!

July 20 2007

Acee
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Jane best comment yet. It becomes the customer?s choice, do they want to wait 1-2 years to build their credit up before home ownership or get a house now and improve their credit that way.

The best way to improve credit scores is simple, pay your bills on time and homeownership. Having trade lines such as car notes and credit cards are a plus but homeownership is the staple to a strong credit score.

July 20 2007

Michael Christensen, "Vegas Homes"
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Michael Christensen, "Vegas Homes"

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As a loan officer/Realtor I have to inform my clients of all the pros and cons to every loan progran. Stated loans you need a 660 fico or better. Most 100% loans you need a 700 fico. Clients under a 650 fico tend to go with an arm to save money. Most will have a mortgage insurance for a year. Almost all will have 1-3 year prepayment. It's not about putting them in the house to fix the credit and refi later, it's about keeping them in the home. 90% of the short sales and foreclosures are from arms, pay option arms, and stated income loans. This is because the loan officers didn't and still don't make sure the client can afford the mortgage payment when the rate changes or the loan recasts.

July 20 2007

jeremy.b
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Acee, I'm not the judge and jury on who should get into a home. It's the system that decides that, not me. Unfortunately, the system has allowed too many people that were/are not ready to take on the financial burdens of homeownership. Increasing foreclosure rates nationwide bear out that fact. Nothing I say is going to change that.

All I'm saying is that when you make it too easy for someone to purchase a house when that person really isn't ready you're really not helping them at all. Actually you could potentially be hurting them and a lot of the rest of us. The reason down payments used to be required when you purchased a home was to protect both financial institutions and the home buyers. It demonstrated to both that there was a willingness to assume the responsibility of a mortgage by making a sacrifice to get it. Why anyone gets a no money down loan on a house is beyond me..... A few years ago, maybe it was worth the risk. Today, no way.

July 20 2007

Acee
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The foreclosure problem nationwide has little to nothing to do with people getting homes with no money down. The only reason a house goes default is because the home owner didn't make the payment.

Forclosures have been going on for years, not just here recently. People lose homes not programs. The same person that?s maxis out their credit cards, gets their car reposed is the same person that loses their house down payment or not.

July 20 2007

Acee
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Jeremy.b by the way I love your comments keep them coming.

July 20 2007

jeremy.b
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You're making my point for me Acee. The people that max out their credit cards and get their cars repo'd are exactly the kind of people with low credit scores that shouldn't be put into homes. Making it easier to get into a home by relaxing lending standards isn't very smart. It's not you Acee, it's banks and other lenders that have relaxed those standards to allow you to make those loans. You're just selling products they have made available. I could be wrong, but I doubt you would lend YOUR own money to someone with spotty credit history so they could get into a home with no money down.

As for the foreclosure issue, it is very much a recent problem. Foreclosures have been around for as long as people have owned homes but when the rate of foreclosure shoots up 63% in one year (2006) it's got a lot more to do with people getting into loans they obviously weren't able to manage and less to do with people all of a sudden deciding to max out their credit cards and get their cars repo'd. Unfortunately it's only going to get worse since there are going to be many 2 and 3 year ARMs that adjust in 2008 and 2009 to much higher rates that people will be unable to handle.

You might claim that credit is not an issue or a barrier to getting a home and unfortunately you may be somewhat correct. As much as people hate credit scoring it has made the business of lending money much less risky. When a lender knows how you have handled past and current debt, that lender can get a pretty good idea of how you'll handle the loan you're looking for now. You might not be willing to admit it but credit scoring protects both the lender and the consumer. It has helped to lower interest rates and product costs. It has allowed lenders to introduce products they might not otherwise have introduced. It allows consumers to more easily shop around for products that suit their needs.

July 21 2007

NewHomeNotebook
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Not only is this spam, the poster has an offer on his Web site to pay referral fees to unlicensed people. Is that legal in California?

After looking at this guy's Web site, I wonder why Zillow allows the link to remain.

July 21 2007

Acee
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The page on the web site you are talking about is inviting people to telemarketer commercial loans. Which you don't need a license in any state to be a commercial broker.

July 21 2007

Nicholas Taylor, "Nick Taylor"
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Nicholas Taylor, "Nick Taylor"

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Just so that you guys all have an idea of why homes are being foreclosed on and lenders jobs have recently gotten harder making it harder for buyer to buy homes, lenders that are sneaky and get people into loans they do not belong in. Right now in our economy and housing market they are one of the main reasons why home values are continuing to drop. So if they are the bad ones make sure everyone knows.

July 25 2007

Cash is King Kong
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If you have good or excellent credit and have proved to the banks that you can manage debt than they have great loan programs for you with special attention given to high FICO scores. They make it easy to get a loan on YOUR terms. Banks will want to loan you the money because you will eventually make them money.
If you have poor credit and show a history of credit mismanagement they also have a plan for you in the form of high interest rates, hidden and/or confusing fees, high closing costs, high pre-payment penalties and Private Mortgage Insurance

In my humble opinion ? start a plan to pay off your debt and stick to it by paying off your bad debt every month. Get a copy of your FICO score and review what you need to work on. Get educated before some broker gives you a lesson you won?t soon forget.

July 30 2007

LawFitz
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Wow, this thread is a joke.

Thumbs down, Zillow.

I'm a mortgage broker and a financial analyst, and I can tell you that credit matters a great deal. Especially in a market like this where the subprime segment is virtually shut down.

It's really no wonder why the public has such a poor perception of realtors and brokers with advice like this being thrown around.

July 30 2007

Aldreth
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Credit is not an issue! We Promise!

February 20 2008

Alan May
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Drew... why are you issuing a warning, first for spam... but leaving the thread open???

February 20 2008

klarek the realist
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klarek the realist

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Good find. Ah, the glory of the early days of the zillow forum.

February 20 2008

Doomers NightMare
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I agree with you Elvis another Job well done by zillow moderators.

February 20 2008

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