Subprime lending

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Real Estate Agent with Keller Williams Greater Cleveland Southwest
I recently had a couple who was having a difficult time getting approved because of a hardship and some previous outstanding credit problems.  Two lenders had difficulty but we didn't give up, the third one found a program that will work for them and we are back out looking at homes.  Anyone want to share some experiences with their subprime clients
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Rainer
8,284
Johnnie Taylor
CFB - Lexington Park, MD

As a lender, I will tell you firsthand, over the past 2 months I have had to restructure so many situations that we thought we already had closed.

Underwriters were cutting programs after they were already approved, locked and underwritten. It was crazy. Its slowing down now. So, hopefully, we can have an opportunity to adjust to the new norm!

Apr 18, 2007 09:49 PM #2
Rainer
32,580
Michelle Way
AVALAR Pro Realty - Jackson, MS
ABR, GRI, WCR

Try www.naca.com This is the best mortgage in the world.

Apr 18, 2007 09:55 PM #3
Rainmaker
81,827
Suzanne Cutler
Success! Real Estate - Braintree, MA
617-549-5829, Braintree MA, MA Real Estate

Michelle,

I too have worked with naca and my buyer loved it.  However, you just have to make sure the buyers go through the class and you register them to get credit and it takes more time than a regular mortgage company.

Apr 18, 2007 10:13 PM #4
Rainer
8,674
Scott Mosher
Northstar Realty Sales - Lincoln, NH
Loon Mountain Real Estate, Lincoln & Woodstock NH

Char & Jim,

Had been scanning my AP Blog page when your post caught my attention. Opened it fully to read, along with the comments from others. Was intrigued by the link that Michelle provided too, especially when I realized that Suzanne - who, like me, is from New England - confirmed her success working with NACA. Left your blog to visit their site for a few moments when I realized I was guilty of what I'd seen a number of posts from our AR Gods about ... so I've returned to "fess-up" by ranking, bookmarking, and thanking you for this helpful information.

I hope to be able provide you with that "little extra something" of benefit in one of my future blog posts.

Much thanks,

Scott

Apr 18, 2007 10:50 PM #5
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Rainer
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Charlotte Koch

Realtor-Strongsville,Ohio
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