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I can finance you too. The truth is, anybody CAN finance a 500 FICO score.
The question is, can a 500 score afford the payment? As a general rule, the
low scores belong to people with low income. FICO scores are not a function
of income, indeed, income isn't a factor in determining the scores. Scores
are entirely driven off of the amount of credit extended, the ratio of
credit used in relation to credit extended, the age of the credit, and a
couple of other things. Typically, low scores are the result of using all of
the credit that has been extended, and being late on payments. People with
low incomes fit this profile to a greater degree than people with high
incomes. Young people are another class of consumer with low FICO scores.
They might have good income, but they have not any history so the scoring
algorithm slants them toward a low score. FICO scores are a means to assess
Credit Risk. History is a way to look at the future. No history means there
is nothing to judge the future from. If you werej good in the past, you will
be good in the future. If you were bad in the past, you will be bad in the
future. If they do not know about your past, they'll assume a poor outlook
for the future.
Two things happen to a low FICO, 1.) the rate is going to be higher than
others that apply for the same loan amount, 2.) the term is going to be
short -- which means that in a couple of years you must refinance or face an
adjustable rate mortgage. If your situation has not remarkably improved in
these two years, there is a good chance that you will not qualify for the
refi, or you will qualify for a refi with the same terms, or worse, that you
have on the original loan.
Home ownership is good no matter what your FICO score is. All I'm stressing
here is that if your FICO isn't good, the loan rate and terms can be very
ugly. The question you have to answer for yourself is, is the house and its
potential upside worth the ugly picture you get today?
This guy isn't doing anything particularly special. Lots of people can help
you get a loan. Your FICO will cause some extra work on the part of the loan
officer, and finding a loan officer that will take on the task(s) might be
difficult. But, there are products widely available to mortgage brokers that
will help put you into a house.
As you shop for a loan, get a Loan Disclosure from 3 or 4 different brokers,
and get them all at the same rate and term if you can. Compare the APR on
each disclosure, the one with the lowest APR is the best deal. All other
things being equal, the lowest APR is the loan with the least amount of fee,
and is therefore the best deal.
"Kishaloy" <kishaloy.bhowmick@gmail.com> wrote in message
news:1169336301.525502.7150@38g2000cwa.googlegroups.com...
> Hi,
> If you have a FICO Score as low as 500 I can provide you a 100 %
> financing for buying a home.
> If you are looking to purchase a home and need to finance 100% and you
> have a low credit score of 500 then I can get your loan done. Very rare
> product that almost NO ONE has or can get done.
> Contact me today and we'll make your home ownership dreams become a
> reality!
> kishgarner_acacia@yahoo.com
> ----We are in business to make your mortgage come to reality----
> 480.751.4125
> Acacia Mortgage
> http://www.acacia-mortgage.com/
>
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Re: 100% Mortgage Financing for 500 FICO Score
