From: "Jeff Strickland" 
Newsgroups: alt.org.natl-assn-mortgage-brokers
Subject: Re: 100% Mortgage Financing for 500 FICO Score
	format=flowed;
	charset="iso-8859-1";
	reply-type=original
Date: Sun, 21 Jan 2007 17:02:35 GMT

I can finance you too. The truth is, anybody CAN finance a 500 FICO score. 
The question is, can a 500 score afford the payment? As a general rule, the 
low scores belong to people with low income. FICO scores are not a function 
of income, indeed, income is not a factor in determining the scores. Scores 
are entirely driven off of the amount of credit extended, the ratio of 
credit used in relation to credit extended, the age of the credit, and a 
couple of other things. Typically, low scores are the result of using all of 
the credit that has been extended, and being late on payments. People with 
low incomes fit this profile to a greater degree than people with high 
incomes. Young people are another class of consumer with low FICO scores. 
They might have good income, but they haven't any history so the scoring 
algorithm slants them toward a low score. FICO scores are a means to assess 
Credit Risk. History is a way to look at the future. No history means there 
is nothing to judge the future from. If you werej good in the past, you will 
be good in the future. If you were bad in the past, you will be bad in the 
future. If they don't know about your past, they'll assume a poor outlook 
for the future.

Two things happen to a low FICO, 1.) the rate is going to be higher than 
others that apply for the same loan amount, 2.) the term is going to be 
short -- which means that in a couple of years you must refinance or face an 
adjustable rate mortgage. If your situation has not remarkably improved in 
these two years, there is a good chance that you will not qualify for the 
refi, or you will qualify for a refi with the same terms, or worse, that you 
have on the original loan.

Home ownership is good no matter what your FICO score is. All I am stressing 
here is that if your FICO is not good, the loan rate and terms can be very 
ugly. The question you have to answer for yourself is, is the house and its 
potential upside worth the ugly picture you get today?

This guy is not doing anything particularly special. Lots of people can help 
you get a loan. Your FICO will cause some extra work on the part of the loan 
officer, and finding a loan officer that will take on the task(s) might be 
difficult. But, there are products widely available to mortgage brokers that 
will help put you into a house.

As you shop for a loan, get a Loan Disclosure from 3 or 4 different brokers, 
and get them all at the same rate and term if you can. Compare the APR on 
each disclosure, the one with the lowest APR is the best deal. All other 
things being equal, the lowest APR is the loan with the least amount of fee, 
and is therefore the best deal.





"Kishaloy"  wrote in message 
news:1169336301.525502.7150@38g2000cwa.googlegroups.com...
> Hi,
> If you have a FICO Score as low as 500 I can provide you a 100 %
> financing for buying a home.
> If you are looking to purchase a home and need to finance 100% and you
> have a low credit score of 500 then I can get your loan done. Very rare
> product that almost NO ONE has or can get done.
> Contact me today and we'll make your home ownership dreams become a
> reality!
> kishgarner_acacia@yahoo.com
> ----We are in business to make your mortgage come to reality----
> 480.751.4125
> Acacia Mortgage
> http://www.acacia-mortgage.com/
>