Lenders offering 95% SISA through LP

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Acp001

219 Posts

Posted - 02/06/2008 : 2:43:47 PM

I guess Freddie is not reducing LTV's in declining markets (yet)I'm looking for a lender that can do 95% SISA through LP. Anyone else besides Fifth Third?? Thanks!

EquitySmart

1240 Posts

Posted - 02/06/2008 : 2:49:15 PM

Wells Fargo used to be able to do this (only reducing the LTV by 5% if the appraiser noted declining market) but they have revised some of their policies lately...

williamspeaking

4058 Posts

Posted - 02/06/2008 : 2:54:57 PM

I do, what is the scenario?

Acp001

219 Posts

Posted - 02/06/2008 : 3:01:56 PM

2 Scenarios:

725 MID Self employed. Owner Occ. Low rise condo (warrantable) purchase, owns other properties (only 4 are financed)loan amount is 318,240. Charlotte County, Florida.

other: 705 MID, wage earner, Purchase, O/O, SFR, loan amount is 380K located in Lee county, Florida.

Thanks!

williamspeaking

4058 Posts

Posted - 02/06/2008 : 3:06:35 PM

1)
if its a real OO property and not a clever attempt to purchase a rental

sisa
95%
oo
condo
725
318k

30 fixed: 501A
5.875%<.458>
6.25%<1.1>

2)
30 fixed
5.75%<par>
5.875%<.7>

jscorbett

3754 Posts

Posted - 02/06/2008 : 3:15:36 PM

Wells is no longer offering SISA

EquitySmart

1240 Posts

Posted - 02/06/2008 : 3:19:09 PM

quote:
Originally posted by jscorbett

Wells is no longer offering SISA

Are you sure? The Direct Express rates are still listed on my broker rate sheet (for GA) and my AE indicated they are still offering the program (for now). Perhaps the program will be eliminated soon and we just have not been told yet?

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