release17

Alliance Mortgage Announces “Nothing Down” Home Loans For Those Who Don’t Meet The Strictest Credit Standards

HAYWARD, Calif., Oct 21, 1999 (BUSINESS WIRE) — Alliance Mortgage announced today a “Nothing Down” loan program for credit impaired borrowers. A pioneer Internet mortgage company that has helped consumers with all types of credit histories find inexpensive loans since 1992. Alliance Mortgage competes against such firms as Mortgage.com (Nasdaq:MDCM), E-Loan (Nasdaq:EELN), FiNet (Nasdaq:FNCM) and Rock Financial Corp. (Nasdaq:RCCK)

Under the new program, borrowers at http://www.alliancemtg.com will now be able to finance loans for as much as $350,000-400,000 even if they have credit problems. This program is available in most states.

“Our new `No Down’ home loan,” noted Sean Saed, Alliance CEO and Founder, “gives our customers an easy way to own a home even if they have a credit history problem, are out of work, or can’t come-up with a down payment.”

While most lenders and online mortgage companies won’t touch people without the squeaky-clean standards of automated credit scoring and borrowing, Alliance Mortgage caters to those who don’t meet what the banking industry refers to as “A” paper credit criteria.

According to Saed, 75% to 80% of borrowers nationally don’t quality for prime loans because of a rigid grading system invented by the nation’s few credit bureaus.

“This grading system is cold, impersonal and severely penalizes applicants for everything from divorces, to job layoffs, or being simply late on a credit card,” he said. “There are more than 50 ways to report negative credit and only a few ways of reporting good credit. Credit bureaus keep negative credit information on your record longer (up to seven years for typical problems and 10 years for bankruptcy) than they keep the positive information, so people keep getting denied loans long after their problems are solved.”

“This Zero Down loan fits perfectly with our unique approach to the on-line loan industry,” stated Saed. “Unlike most on-line mortgage companies, Alliance is an Internet company that caters to people who can’t get home loans from traditional banks and on-line mortgage companies because of a divorce, illness, lay-off or any credit problems

“Due to our advanced Internet technology, we are able to combine all loan services at a centralized location,” said Saed. “This enables us to offer loans that are less expensive than those offered by traditional mortgage brokers, banks and financial institutions, and similar Internet- based companies. Borrowers typically save at least a point with us on prime loans. On a $240,000 you can save $1200 to $1500!”

“We’ve been able to sustain profitability for three consecutive years and have had a steady upward growth pattern without outside funding, without an IPO, without 200 employees (as one on-line mortgage company has) and without being a bricks-and-mortar operations who have just recently joined the Internet frenzy,” Saed added.

“Alliance has financed all growth and investment from current cash flow.”

About Alliance Mortgage

Alliance Mortgage is a leading Internet mortgage company that helps consumers find inexpensive loans.

Since 1992, Alliance Mortgage http://www.alliancemtg.com has been providing loans to people with all types of credit histories. Alliance Mortgage provides these loans through its virtual centralized office, and is a true Internet loan provider with 100% of revenues derived from the Internet.Through its Web site content, tools, and experienced loan staff, Alliance Mortgage simplifies the loan process while passing significant savings to consumers.

Alliance Mortgage has ties to the nation’s top 70 lenders including World Savings (NYSE:GDW – news), Saxon (NYSE:D-news), PCFS (NYSE:PFGI – news), Bank of America (NYSE: BAC-news) Countywide (NYSE:CCR). It is located in the Silicon Valley at 26250 Industrial Blvd., Hayward, Calif. 94545. Copyright (C) 1999 Business Wire.

Contact :

Hill/LF Communications

Chad Hill or Len Fernandes, 925/945-7910 or 510/538-8916 hillcomm@earthlink.net lencom@earthlink.net

or

Alliance Mortgage Sean Saed,

510/887-1600 sean@alliancemtg.com

WEB PAGE: http://www.businesswire.com

RE: homes loans for people with bad credit

Share