is it possible to get a 100% LTV with a 590 credit score?

I lost a client, i had offered them 95% LTV FULL DOC, 7.5% int....Then they found someone who told them they had gotten them 100% financing.....0 down.....is that possible to get 100% Financing with a 580 mid score? if so what banks offer this? i think the lady was just lying, but it doesnt hurt to ask!!

Update:

JM, Who does 100% LTV with a 620 mid?

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  • 1 decade ago
    Favorite Answer

    You're still in the mortgage brokering business in this market?

  • 1 decade ago

    Depending on why the score is 580, FHA is still a possibility. The credit reporting agencies are soooo whacked right now, it may be something minor or a lack of credit causing the lower score. I had a borrower a week ago with 7 rolling 30 day mortgage lates in the last 12 months that was still pulling a 720. Just unbelievable!

    Try a 3% down FHA and use the remaining funds to pay derogatories and for reserves and put together three or four non-traditional 12 month tradelines. At 6% you'd make good money and get them a great rate.

    We also have some of our financial institutions that are putting some loans on their portfolios. Just another option.

    We too are growing like crazy.

    Good luck with your borrower.

  • 1 decade ago

    None that I am aware of anymore...we will still go to 100% with 620 or over. Subprime? 100%...?

    D..D..D..D..D...Dead Product....

    And yes, we are busier now than ever since the "mom & pop's" and inexperienced providers have exited the marketplace. Still many credit worthy people buying homes and swapping out of ARMS and those crazy exotic deals.

    This is a Wells product. Kind of Fannie's and Freddie's product in a blender.....called Home Opportunities

  • Anonymous
    1 decade ago

    Yes it's still possible. Generally My Community and Home Possible will only go to a 620 but it can be done with expanded approval down to 540.

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  • 1 decade ago

    You should ask them what their interest rate is...around here anything above 90% loan to value...and your looking at almost double digit interest rates...even with a 700 credit score...sometimes people with bad credit don't care about the interest rate :x

  • Anonymous
    1 decade ago

    Fannie Mae...My Community

  • Anonymous
    1 decade ago

    well 600 the banks consider good so it is possible but i think she may be lying to u also . but 95% is not great either.

  • 1 decade ago

    HIGHLY unlikely!! On a purchase money loan, though, maybe.

  • 1 decade ago

    I think she was lying too!

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