The national average credit score is 692. What is yours?

[dead_reggin_storage_fashi]

lol Hey! Not my rules, I just work for them So back off.

Some people OBVIOUSLY do have equity in TX, or I wouldn't have a job. I agree that the 80% CLTV and/or 50% of the value whichever is the lessor of the two sucks, but again, I didn't come up with the idea. It also doesn't make any sense that you HAVE to take out 4k min. advances from a HELOC in TX, but they have no pre-payment penalties. If someone only wants 2k, they can take out 4k, and turn right back around that same day and make a principal only payment for 2k and viola.

And again about the verification of income, employment... like yonkers said, as long as you're under 55% (at least with my institution) debt/income with the new loan/line included, and your score is excellent... You're good to go. (It helps that we have a lien on the home, too).

A voe is still needed to make sure the jack off works tho. 55% is fucking high if you think about as you still have food, gas, kids, daily expenses to pay for. 55% is the most our investors allow but that will change as second mortgages are so tough to get approved now



why texas sucks
1. no high paying jobs and back ass pre -teen beauty shows and shit (fucked up place)
2. you cannot refi if less then 80 CLTV
3. cannot take cash out on home std/a6 properties
4. cannot do FRS unless a purchase
5. the 3% closing cost rule if settlement fees are more then 3% you cannot do a refi. So if the loan is less then about $130k you cannot do shit.
6. taxes are $
7. good looking chics marry so young and others are prudes

back in the day when everyone found oil too many ppl pulled out equity to buy land to hopefully score oil and they went flat broke so texas (gotta love the gov will not allow for ppl to take cash out over 80% CLTV ) to protect its citizens doesnt allow anyone to pull out more then 80%. this is one of the causes why homes in texas have not gone up in value all that much compared to others

 

[ceo]

if you have 800 scores and sufficient trades the banks don't give a shit about anything else

hence the reason for no doc and no ratio

most no doc loans are gone bro...gone. Give it a few years though, they'll be back.

 

[ceo]

i still say horseshit about it being 680.

there's way too many people with shitty credit for that to be true.

the statistics are way off base

just because all you see are subprime borrowers with shitty scores, and just because your scores are low, doesn't mean it's not true.

It is bro.

 

[dead_reggin_storage_fashi]

most no doc loans are gone bro...gone. Give it a few years though, they'll be back.

it is a good thing they are gone.


if you are self employed and your credit scores suck good luck. Tax returns never match the true income and underwriters always turn it down

 

[dead_reggin_storage_fashi]

No points! IO??? I am dump when it comes to personal mortgages.

points..

rates are sold at par and you can buy down the rate with discount points.

for example $100,000 loan at par (no points 6.875%) and with 1 discount point the rate may be 6.5% but the loan balance is now $101,000. A discount is a % of the loan amount you need to figure out the break even point. costs vs savings.

1 discount point doesnt equal 1 delta of the actual interest rate. for example a 7% loan with 2 points doesnt equal 5%.

on a loan under 300k I reccomend 2 points (not always)

really anything higher it is a case by case basis and less points mean less closing costs

 

[dead_reggin_storage_fashi]

nyyonkers did you ever buy the house? what type of loan product did you go with and how much did you pay in mortgage tax in NY?

 

[KillahBee]

Mine was around 840 or 850 last time it was checked a little over a year ago. Not sure how it was that good, but I'm not complaining.

 

[covergrl80]

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