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The World’s First Program to Help Homeowners Refinance with FICO Scores Between 350 and 499
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Added: 11/04/2005
Type: Summary
Viewed: 532 time(s)
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The World’s First Program to Help Homeowners Refinance with FICO Scores Between 350 and 499
Lauri Lampkin has been helping homeowners in the mortgage industry for more than 30 years. She will be conducting a workshop on November 19th in Los Angeles to help homeowners get the funding they deserve.
When you pay your mortgage on time, if you have a low FICO score, you have not been able to re-finance your home… until now.
Lampkin, CEO of Online Funding, did some research with Equifax and the results were astounding.
“There are more than 250,000 homeowners in Southern California who pay their mortgage on time, they have no foreclosures, no bankruptcy, they have 30% equity, or more, and they routinely get denied the opportunity to re-finance. Why? Because they have a low FICO scores. It’s a shame, because these are good people, and they are treated poorly by the entire lending industry.
“Because of the equity, and the “track record” of timely payments, we have been able to create an innovative way to re-finance homes. This program is called the Community Home Buyers/Home Savers Program (CHB).
“Once escrow closes, homeowners can consolidate all of their consumer debt, pay off their credit cards, and pay off their car. This gives homeowners financial peace of mind, and rapidly improves their FICO score. Once that happens, we can put them in a Fannie Mae 30 year, fixed rate, low interest loan.”
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