Profile picture for arnitageiger

Refinancing with 572 credit score

Can anyone tell me if there are lenders in the state of georgia that are doing refinancing with a 572 credit score
  • June 19 2011 - Decatur
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (23)

Wetdawgs,

Not only am I not frustrated, but I find this entertaining.  It bring backs some of the wild west memories of Zillow.  I miss the heated discussions.
  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Oh my!  As a potential customer, I can see how well lenders respond to frustration.  I know which numbers I wouldn't be dialing.

  • June 21 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The borrowers score is 572 not 580!  I am not a god by any means but I will continue to point out less than accurate posts.  "All I want to do is harm people"...That could not be farther from the truth!  I want to help consumers sort through the loan officer BS...which there is plenty of it!


Still waiting on your definition of a direct lender?

  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Exactly, that is my whole argument here!
You are not "god of mortgages" get off your high horse! 
I help families out by following the guidelines!
I don't sit around and judge others like you do! (you must have a miserable life!  All you want to do is harm other people, I feel sorry for you)
Just leave me alone!

This will be our last communication! 
  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It's true that you "can" get a loan with a credit score as low as 500 not 580.  I thought the answer to that question was well established!

I happen to think this practice will further erode the lending industry and most consumers whose credit score starts with a 5 probably should not get a mortgage.  But that is my opinion and not the current FHA underwriting standards.

  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Check with a reputable mortgage broker.....
  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

No problem after you answer the true or false question I asked you...

I didn't ignore it I'm waiting on your true or false answer.
  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

What about the definition of a direct lender?

Since you ignored the question in regards to your company servicing loans I have to assume that is a no. 

  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Thanks for the lesson on banking….

 

I am not sure where you are going with this but tell me how explaining the different banking platforms helps the customer.

 

Let's see:

Depository = lends money taken in from customer deposits

Banking= funds the loan with their money and sells the loan on the secondary

Broker= doesn't not use own funds but arranges the loan with an investor

Servicer=  collects the payment and is only in control of the loan pursuant to servicing agreement with the investor who bought the loan or pool of loans

 

In some cases selling direct to FNMA or GNMA will result in higher rates unless you have a tremendous amount of volume so in most cases a lender will sell to another investor who has better pricing.

 

And just because a loan isn't sold (which most eligible loans are sold  to increase liquidity) does not mean it is better, in fact usually loans held on a lenders books are more costly because they cannot be sold on the secondary market.

 

Again I hope you intentions in this post are to educate a customer on how the banking industry works and not to try and persuade a customer to come aboard with you because you have a magic feather.

 

Majority of all loans end up in the same place now a days and pricing is dependent on volume, pull through , lock fall out etc.

 

Ultimately what is best for the consumer is to have a broad range of options and a representative that can inform them of current guidelines , market conditions and most importantly communicate clearly and constantly with the customer

  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I have your a net branch operation that offers correspondent and broker channels that has a warehouse line of credit they use to fund loans between closing and the sale to a direct lender.

Do you service any loans?

  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

but why would you want to?
  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Actually you should check us out, we have been in business since 1996 and have a perfect A+ rating with the BBB.  We have not had one single complaint against us in over 15 years.  Yes we are a direct lender, we lend out our own money. We have very few investor overlays.

Here is a true or false question... Can you get a loan with a 580 credit score? 

Since you can't answer that because you will need to distort, manipulate, or twist the answer, here it is...

THE ANSWER IS TRUE!  YES TO A 580 FICO SCORE!
  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

"Message
I could care less if you go or don't go!  But I am not going anywhere either and when I see anyone post mis information or lies of omission, I will chime in.  I asked a simple question on this thread and you got irritated!  for the 2nd time...I have nothing to say to you off the boards,  The sales pitch is your spin and omission of important information.

By the way I am a direct lender.  We are Fannie Mae's Largest seller/Sevicer in MA. 

If I checked out your company website would it describe you as a direct lender?
  • June 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

" Read the guidelines below FHA loans down to a 580 Score...Period!"

Actually, YOU should read the guidelines because what YOU posted is not from FHA. What YOU posted were YOUR OVERLAYS!

From HUD:
To: All Approved Mortgagees

"Borrowers with a minimum decision credit score at or above 580 are 
eligible for maximum financing.

Borrowers with a minimum decision credit score between 500 and 579 are limited to 90 percent LTV."

If you were truly interested in quoting actual FHA guidelines, or had you known them, you would have posted the above. What you posted was what YOU had to offer and had nothing to do with the actual answer to the question.
  • June 20 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

What is the sales pitch? Telling people they can get a loan with a 580 credit?  LOL ok buddy....That is a FHA loan, don't get mad because you are just a loan officer and have a million overlays... Read the guidelines below FHA loans down to a 580 Score...Period!
  • June 20 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You just don't get it!  Some of us that post really want to provide accurate info for the folks that post questions.  They come to these threads for answers not a sales pitch!
  • June 20 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

So sheep fly? Why waste your time promoting people and claiming that sheep can fly, that has nothing to do with anything
  • June 20 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

using your leap of logic, then the answer is no.

He asked about a 572 score, not a 580 score.

If sheep could fly; may as well respond "well yes, if you can get your score to 800".

He should just call Clay Branch, when Clay's not cruising the 112 miles of I-95 in Ga., and get responsible guidance.
  • June 20 2011
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

That is for underwriting to decide...He asked "Can anyone tell me if there are lenders in the state of georgia that are doing refinancing with a 572 credit score"

and i said yes, but you need to fix the credit to a 580 score....

He didn't say if i have a BK or Foreclosure and can i do a loan with that score... Sure there are many items that can stop the refinance, but that is not what the poster asked...



  • June 20 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

no mention on if it's less than a year out of BK7.

I'll have to support the estalker ;-)
  • June 20 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There he is chiming in as per usual...Gotta love my e-stalker!  580 is the minimum credit score needed for a FHA...read the guidelines...

FHA Loan Program Features

  • Min Credit Score 580
  • 96.5% Purchase or Rate and Term (declining market OK)
  • NO DTI limit with AUS Accept
  • Non-Occupying co-Borrowers OK Purchase or R/T
  • Chapter 13 BK outside of 1 Year OK
  • Flexible DTI ratios for Occupying Borrower when there is a Non-Occupying Co-Borrower
  • Seller may pay HUD allowable closing costs up to 6% of Sales Price
  • Property Flips within 90 Days OK!
  • June 20 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

How can you say a 580 is doable without knowing why the score is 580?
  • June 20 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

580 credit is doable...you would just need a rapid re score to fix the credit and you should be good to go!
  • June 20 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.