NLIC.org

Nicole Said:

With a mid fico 530, I need to get a 350K loan, possible?

We Answered:

This is possible, but more information is needed.

Can you prove your income?

Are you w-2 or self employed?

Have you had any charge offs in the last 12-24 months?

What are the amounts?

How do you currently pay your rent?

Do you have check stubs to prove you payments?

Do you have a potential non-occupying co-borrower? (we can still work with you if you don't)

How long have you been on your job?

I would be glad to see what I can do to help. Be sure not to get your credit pulled needlessly. You need to work with someone who specializes in subprime. Feel free to complete my purchase questionnaire: http://www.lowermydebtnow.com/Purchase_2… .

You can also email me anytime.

Best Regards,

Anthony Limon
Southwest Funding, L.P.
Branch Manager
anthony@lowermydebtnow.com
www.lowermydebtnow.com

Toni Said:

Which Mortgage Lenders in orange county do 2.3 million dollar loans?

We Answered:

Wells Fargo Home Mortgage and Washington Mutual Bank are two good ones. So is my friend Vince at www.redmondmortgage.com but he's not licensed in California, though, I'm confident he can refer you to someone in your area. He worked in S. California before moving to the Seattle area.

Gloria Said:

what is the best way to shop around for a home loan?

We Answered:

Be careful with any online lender for a purchase transaction. Quicken loans may be fine for a refi, but I'd think twice about if for a purchase....there's just too many variables.

Regarding the builder's lender - how much higher is his rate versus other lenders? How about if he gives you $10k or $5k, how does that affect the rate? Are the incentives towards upgrades or towards down payment and/or closing costs or perhaps a combo of all? If a credit towards closing - do you need the money?

Also, here's some general info when comparing lenders:
1. Always make sure you are comparing the same product - eg, 30 yr fixed rate vs. 30 yr fixed rate

2. Always compare using the same down payment scenario - eg, 0% , 5%, 10% down, etc.

3. Always compare with same purchase price

4. Always compare using same timeframe to close - 30, 45, 60 days, etc.

5. Always compare rates paying 0 discount points and 0 origination fee. Ask what their "par rate" is.

These 5 steps sound basic, but you'd be surprised how many borrowers think A lender was better than B lender, but not realizing they were correctly comparing the numbers.

So, if you skip any of the above five steps, you will not get a true "apples to apples" comparison, and the rate could be different.