From: "Kishaloy"
Newsgroups: alt.org.natl-assn-mortgage-brokers
Subject: Re: 100% Mortgage Financing for 500 FICO Score
Date: 21 Jan 2007 19:34:51 -0800
posting-account=MEirsQ0AAAAyxC8quRYd1Yo_CTYqse3k
Hi Jeff,
Then please do a 100 % financing for a 480 credit score
.Kindly do that and see how much time it takes.
regards,
kish
Jeff Strickland wrote:
> 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/
> >
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