Property Manager · Winston Salem, NC · Member since 2016 · 63 posts · 27 votes
I came across a youtube post and tried to find out info on Angelo Christian. He says he can handle No doc loans. I tried to look around for infor about him and his company but all the websites and videos seem to be made by him or his company. There are reviews but they are on his websites and I just don't trust them. They could be made up by him and his affiliates. I was trying to see if any one knows something about him and his company. He says he can approve investment homes and primary home loans.
Lender · Chicago, IL · Member since 2016 · 653 posts · 313 votes
6y
Hi William, curious to know what he is saying. Rental property loans without using personal income to exist (I do them) but there are plenty of scammers. Going to need more information. If they are promising you 100% LTV and 4% interest rate they are a scammer.
Lender · Chicago, IL · Member since 2016 · 653 posts · 313 votes
6y
Hi William, curious to know what he is saying. Rental property loans without using personal income to exist (I do them) but there are plenty of scammers. Going to need more information. If they are promising you 100% LTV and 4% interest rate they are a scammer.
Investor · HI · Member since 2017 · 328 posts · 124 votes
6y
I'm working on getting a loan for an rental property investor that is based on the asset and not income. But like @Eric Johnson said, if their terms are too good to be true, then...yeah. All the best.
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
6y
Haven't heard that name in a while.
Angelo Christian is somewhat famous among loan officers. Not necessarily in a good way. He runs a boiler room that focuses on the marginally qualified mortgage borrower. Low income, down payment assistance, high DTI, low FICOs, you get the idea. Partying like it's 2006, with margins that are lawful for mortgage bankers, but that would be illegal for mortgage brokers (guess who has the better lobbyists? Yup, bankers). You have 20% down and a 740 FICO and qualify for a good interest rate? I honestly don't know that his shop would even know how to process that loan, that's not EXACTLY the pond he fishes in.
Original article headline per the URL: "Small time Bankers make Millions Peddling Mortgages to the Poor."
Revised PC headline:
Getting Rich on Government-Backed Mortgages
A branch manager gets home loans for borrowers with weak credit or low incomes—and taxpayers back him up.
[...article starts...]
He calls back a customer who’s spent hours watching his sales videos: “Bad Credit, I Can Help,” “Fresh Start: Credit Boost,” and “Go For Your Dreams.” This would-be homeowner has a 596 credit score, putting him in the subprime range. His car has been repossessed, something that would likely disqualify him at the Bank of America branch next door.
“Usually a repo that’s like three years old, we’re not really going to sweat that,” he assures the caller. “We’re pretty lenient here.” He steers his prospect to several $400,000 homes with swimming pools. “Have your wife check that out,” he says, referring to a remodeled kitchen with granite countertops. “She’s going to love it.”
Many of Christian’s customers have no savings, poor credit, or low income—sometimes all three. Some are like Joseph Taylor, a corrections officer who saw Christian’s roadside billboard touting zero-down mortgages. Taylor had recently filed for bankruptcy because of his $25,000 in credit card debt. But he just bought his first home for $120,000 with a zero-down loan from Christian’s company.
[...article continues...]
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He hasn't been on my radar in a while. I'm guessing his operation isn't doing so hot. The high risk and high interest rate loans - his bread and butter - were the first to get cut off when this covid-19 stuff started. Well, to be clear, I'm sure Mr. Christian's personal finances are totally fine, more it's his boiler room call center employees that are probably getting cut left and right as the bread and butter non-prime programs get cut off.
Property Manager · Winston Salem, NC · Member since 2016 · 63 posts · 27 votes
6y
I haven’t followed up with anything I did t want to be out in a bad situation like I was out in before by another company. I wanted to see if anyone had good or bad information about him before I went through any of his processes.
Hey everyone thank you this is Angelo Christian and yes these loans are very straight forward asset based lending is still alive and well. Our Investors look at the asset opposed to bank underwriting where the income and credit of the borrower are used for qualification like a conventional loan. With Business purpose asset based investor loans the ideal situation is high fico score, low ltv and good location and then yes all day long we can fund this with no income verification on 30 year fixed rate mortgages.
I don’t recommend using him. My husband and I have been in the process of trying to use him and it’s been a nightmare. I have email receipts to prove it. So on may 9th or 10th Brandon escamilla, our account manager through Christian Angelo told my husband “congratulations you have been approved for a loan up to $250,000.00.” In very very tiny print said something about a credit booster but never not once said anything about what we needed to do on a credit booster but we could move forward in buying a house. We went under contract for a house may 16th or 17th and they were aware, Brandon had every opportunity to send over the credit booster from may 10th to may 17th but does he? No he waits til 2 weeks before closing date!! 2 weeks before closing!!! We pay it no problem and have our closing costs no problem but the issue we have is the collections agencies deleting the accounts and getting our credit up there before our new closing date on the 30th that the sellers did not want to do but so kindly did!!! It’s not gonna end up happening I’ve cried and begged and pleaded with transunion and Experian and equifax to push my disputes through, begged and pleaded with the collectors to delete them from the credit account and told over and over had I don’t this a month ago!! Thank you Brandon and thank you Christian for setting my account with the most incompetent account manager you gave up there!!!! Now I’m out money I’ve paid in closing costs, I’m gonna lose my dream home, all because your employee couldn’t do his job right back in may when we first talked to him!!! This is flat ridiculous and you literally won’t even accept your actions. Guess what I’ve already spoken to an attorney and have a case against y’all as well should this fall through like it’s expected to. I wouldn’t recommend y’all to anyone ever!!