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Actually there may be an option. If you bank with a small bank and you have a substantial down payment (i.e. 20-30% minimum) they may do a portfolio loan for you. It would probably be shorter term (i.e. 5 year balloon) and a higher rate than today's 30 year fixed rates.
Actually there may be an option. If you bank with a small bank and you have a substantial down payment (i.e. 20-30% minimum) they may do a portfolio loan for you. It would probably be shorter term (i.e. 5 year balloon) and a higher rate than today's 30 year fixed rates.
I think that's giving the OP too much hope.Those kinda loans are almost impossible these days. local Banks are still keeping their investments close to the chest.There is so many foreclosed on property out there, and its still happening everyday, that the only hope most people have IS to pay cash. CNN week-end money show was talking last weekend about all the home sales going on now, there are plenty, but all cash !
Credit being what it is, I too tried to get a mortgage from our local bank and I am not all that bad as far as credit goes. even 50 percent down of my appraised home value I offered, thats way over 200,000, no deal ! and we here did not see housing values go up or down during the recession, so, I also paid cash to build my house.... yet , the same bank took on a new car loan for me a couple of months ago, no problem. I had a check for the Dealer( who was 200 miles away) within 8 hours, no problem. The problem is property with homes on it, their toxic and will be until inflation comes back in the housing market.
I think that's giving the OP too much hope.Those kinda loans are almost impossible these days. local Banks are still keeping their investments close to the chest.There is so many foreclosed on property out there, and its still happening everyday, that the only hope most people have IS to pay cash. CNN week-end money show was talking last weekend about all the home sales going on now, there are plenty, but all cash !
Credit being what it is, I too tried to get a mortgage from our local bank and I am not all that bad as far as credit goes. even 50 percent down of my appraised home value I offered, thats way over 200,000, no deal ! and we here did not see housing values go up or down during the recession, so, I also paid cash to build my house.... yet , the same bank took on a new car loan for me a couple of months ago, no problem. I had a check for the Dealer( who was 200 miles away) within 8 hours, no problem. The problem is property with homes on it, their toxic and will be until inflation comes back in the housing market.
I actually work at a community bank. We don't even pull credit for portfolio loans, nor do we report our loans to the credit bureaus. We base our decisions on perceived ability to repay, valuation of the collateral and character/relationship of the borrower. Far from impossible. I would say we are the exception and not the norm and we typically won't do it for non-customers.
In these times there is a lot of value in banking with a small place that knows you. The big banks won't entertain anything out of the norm. From what you described I would consider leaving that bank.
One question pops to mind here because the OP claims to Own the home outright.
Why would you re-mortgage your home?
Obviously there is a need for cash.
But the OP has demonstrated a lack of financial wisdom with the low credit score.
If they do get the cash and fail to make the payments they loose everything.
I'm thinking in this case the OP is better off without a new mortgage.
That said they may be able to get a mortgage if it is small enough so that their debt to income ratio is significantly below the norm. with much lower easier to make payments.
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