Mortgage Question

[Jack Presen]

I have a cilent who's credit score is 500, owns a successful business. He have a nice sum to put down on a house in the $700,000-$800,000 range, wants to use a family relative for the mortgage; because the family relative credit is pretty good. What's the best way to go about getting this done?

[Paul Defngin]

@Jack Presen, is there anything that is keeping your client's score at 500? Recent adverse credit, maxed out revolving credit cards, tax liens, disregard of obligation, etc?  First thing is have the client look at his credit and discuss with the LO what they can work on to bring that credit score up-if it can. Given he has the means to buy $800k, he should commit some of that resources to work on improving the credit. Good luck.