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I did not get any quotes on my loan request (ZR-HBQMZGR). Can someone help me figure out why?

I'm unsure why I'm not getting any quotes. My credit score is 725, co-borrowers is 610. Our monthly income is about $1,250 each. Loan amount is $27,000, $3,000 down. Our monthly debt is only about $50 each. According to my loan request my LTV is very high, but I don't understand how this is calculated without an appraised value for the house. Thanks in advance for any advice!
  • December 08 2009 - Chattanooga
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Answers (7)

Best Answer

I would hope that this loan amount is not too low for lenders here. If that is the case they need to be removed. Our job is to help folks that need our advice and assistance.
The bigger issue may be your co-borrowers credit (FICO) score. There are not too mnay lenders out there that can lend to folks with a FICO under 620 and most are wanting to see a 640+. Is this a refinance or a purchase? Purchase loan to value is set by the contract or appriased value, whichever is less. A refinance is set by the appraised value. With all of that said, I do agree with Nic from below, it is best to find a local lender/bank that you can meet with and who can guide you through this process and also help get those scores up and help you long term with not just the mortgage interest but all things that are credit driven.
  • December 08 2009
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Scott,

Initially, in your "Best Answer" comment you felt that the advice Nic gave, which most of us give, suggesting to go to a local community bank or credit union when someone has a low loan amount is cause for removal, but at the end of your oratory, you then agree with Nic.

Senior moment? What's up? Why did you change course in the middle of the stream? Do you usually talk from "both sides of your mouth."

"The lenders here" have been giving excellent advice while you have provided basically no input, in over a year of your tenure here at Zillow.

Greg, does not "attack" without merit. Speaking to you "personally" is not what its about. It's about the discussion to be fully transparent, for others to arrive at a conclusion. Not to be hidden behind closed doors.
  • December 08 2009
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Scott,

I was responding to what you added:

"If that is the case they need to be removed."

Was that necessary? If you care so much about helping people you could have started posting here a lot sooner than 35 posts ago. 

I did respond to the question and clearly explained why a 27k loan amount would not work contrary to your unnecessary editorial. You should follow your own advice and if YOU have something to say to me, maybe YOU should comment to me personally; you know where to find me.
  • December 08 2009
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I can't figure out why you are always attacking and personalizing everyone and anyone on every thread you post on. I simply stated that quotes should not be ignored due to the loan amount. I am quite familiar with all of the laws that govern my industry. Moving forward, you need to reply to the person that posted the thread and stay away from the continued personal attacks. If you feel the need to discuss something with me or comment to me personally, please do so directly.  

  • December 08 2009
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I think your best bet is to try a local credit union.  Most lenders are capped by "predatory lending laws."   The smaller the loans the more difficult to make the rate quote and fee's work for you.
  • December 08 2009
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Scott,

Many of us are brokers and are capped at 5% max for all closing. This is capped by predatory lending laws as you should very well know. There is no broker that can do a 27K loan with $1,350 in total fees; it's not possible.

Maybe people that don't know anti-predatory lending laws are the ones that need to be removed.
  • December 08 2009
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Loan amount is too small for most lenders on this site.  Try a local community bank or credit union.
  • December 08 2009
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