I need a lender that will give me at least 90% on a new construction home, FICA scores are low due to borrower having his son, the third-III, credit on it, all other credit has been paid. (540 average credit score, 0 X 30 day) We have letters and prove that credit isn’t his-minor credit only nothing major. Borrower has never been late on his mortgage for a house recently sold, live in it 30 years. all credit current. Retiring in Florida and building a new home. Needs to close at the end of the month, package is ready to go. Cost of home is 208,000 wants to only put down 10%. Full doc, DTI 39%
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The only way you are going to be able to do this one with the low credit score is thru a subprime lender. I have tried Accredited or Irwin’s subprime division – they are based out of Florida. BNC Mortgage might be able to do it too.
RMCR is a form of credit report prepared by your credit bureau. They actually verify all credit on the report..you need to send them a comlete 1003 and any documentation that proves the debts are not your borrowers