Hello everyone. This is my first post here and i have learn so much by reading here. So here is my question. I read somewhere here that First Franklin is fairly easy to get a mortgage with and that all that was needed was a score of 540. What interest rate was given? Thank you
Be very careful with these guys. Yes, it is very easy to get a mortgage with them. They will sell the mortgage as soon as the day you close. They sell to a lot of mortgage companies with very bad reputations for hurting consumers. They sell to companies that are listed on the links below. Those are the ones I know about for sure. I have read things like they are late to post payments, lose insurance and place lender placed coverage to drive up your monthly payment. They also make it difficult to speak with the right individual for any situation. http://www.badbusinessbureau.com/reports/ripoff52963.htm http://www.badbusinessbureau.com/re...q2=&q7=&searchtype=0&submit2=Search!&q5=ocwen Please take a look before you consider a sub-prime mortgae loan. It seems these companies are more in the foreclosure business. Try and get your credit better and go conventional, but please try to avoid some of these predatory lenders.
I agree with the person above. My husband has a mid-score of 618.We do not have" bad" credit just high usage and we are in the process of paying a couple of cards down. We have been approved with FiRST Franklin with a 90% LTV at 7.75%. This seems to be a decent rate for 90%LTV,but I have a feeling about this company that I just can not shake,as if we are about to make a huge mistake ending our great relationship with countrywide to transfer everthing to this company. We have 2 mortgages and countrywide will only refinance the first(the one they hold) until we get our scores up a few points. The people at First Franklin have been very friendly(almost too friendly) as if they can not wait to get their hands on both loans. Anyway after reading the above links ,we are going to hold up and get our scores up and stay with Countrywide. I too get a bad "feeling" with this company. Hope this helps,Jan.
When I talked with them they were very friendly. I didin't know about them selling the mortgages to the bad guys. They are owned by National City Bank. Last time I looked the NYSE symbol was: NCC Some of the underwriting guidelines they told me were. 1. Any charge off over 2 years old won't hurt you. 2. Any charge off under 2 years has to have a balance of less then 5k. 3. Need a 540 score or better. 4. Need at least 3 positive tradelines at least 2 years old. This seems pretty liberal compared to most companies and the rate of 7.75 isn't bad for a 540 score. Even if they sell to crooks is it better than renting? How long before you could refi into a prime lender?
Run and find somebody, anybody who will refinace you. I hear horror stories day after day. I am in insurance. They are one of the worst. Good luck
