From: "Valentino Veliz" 
Newsgroups: alt.org.natl-assn-mortgage-brokers
Subject: Re: Is there any way...
Date: Sat, 5 Jun 2004 18:47:48 -0400

However if a person has a credit score that low and that much cash they can
still do a mortgage. They have to find the right company. Most places if you
have more than 20% down, they will finance you.
"Jeff Strickland"  wrote in message
news:10bcihrcgu9av4a@corp.supernews.com...
>
> "news.verizon.net"  wrote in message
> news:Uidtc.23982$yc4.1630@nwrdny02.gnilink.net...
> > Loan decisions are based on four things:
> > Primarily
> > -1 Credit
> > -2 Income
> > -3 Assets
> > ( C.I.A)
> >
> > Secondarily
> > -4 Type and value of property
> >
> > The first three make up a borrowers credit profile. Weakness or strength
> in
> > one can offset a weakness or strength in another (someone with good
> credit,
> > ok income and not too much in assets can still receive an approval).
> >
> > The forth can be a final determining factor.  Let us say some meets a
> > lenders C.I.A. and has a loan approval.
> >
> > But the property appraises poorly.
> > - low value
> > - poor condition
> > - unsuitable type [say mobile home vs. stick built or multi family vs.
> > single family or part commercial vs. solely residential
> >
> > Such a poor appraisal could cause a change in decision by the lender.
> >
> > If the case shown 50% down and $30k in reserves would be of great help
in
> > obtaining mortgage approval if the property check out ok.
> >
> >
>
> I agree, except for one caveat. Very poor credit may not be mitigaged by
the
> large down and healthy cash reserves. If the borrower has enough cash to
> make the down and still have reserves, but has a credit issue that drags
the
> scores very low might not be able to qulaify. So, the answer to original
> poster's question is that he should be able to qualify, but he asked,
> "regardless of credit." I think that "regardless of credit" demands that
the
> caveat be given.
>
> The credit can be so bad that the large down and cash reserves might not
> solve the problems that poor credit can cause. I shutter to think that one
> can have $100 in cash, and still have credit problems so large that the
loan
> would be denied, but it is possible.
>
>