Second Mortgage Question
Hello,
I currently have a client who has obtained financing for the purchase of their new home, however, they are first time homebuyers and only have 5% to put down. I have prequaled them at 75% LTV, maybe even 85% LTV, but even with their 5% down will still need 10 to 20 LTV on a second mortgage to have a combined LTV of 100%. Any reccomendations on if this is possible to have another lender or private investor finanace the remaining LTV?
THanks, 
Are you a loan officer? What's your client's score? It must be really horrible, if he can only get only qualified for 75 or 80% or something.
Yes I am a new loan officer and the borrowers are "credit Challenged"
One borrower only has one FICO in the mid 500's second borrower has three scores, but very low - around 500 - 525.
I have tried searching for lenders who will invest 100 LTV, but it's not happening with their scores. Any suggestions?
Thanks