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DougTheMortgageM
116 Posts |
 Posted - 02/13/2008 : 07:33:30 AM
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Having trouble placing this scenario...
FTHB, My Community or Flex 100, Florida SFR, Full Doc-744 mid score.
Problems-zip code is Broward County (Cooper City/Fort Lauderdale) and keep getting zapped on 5% reduction in ltv due to declining market. Back end ratio is 61% and hoping to find where seller cc can be 5-6% rather than 3%.
Any suggestions???
Thanks!! |
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melrose38
179 Posts |
Posted - 02/13/2008 : 07:51:09 AM
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| Have you tried US Bank? Their flyer says 100% even in declining markets. |
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mganovsky
2074 Posts |
Posted - 02/13/2008 : 09:10:31 AM
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| U.S. Bank will not do the loan thier max back end ratio is 50%, plus they are now doing the 5% reduction like every one else |
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808
2616 Posts |
Posted - 02/13/2008 : 09:21:56 AM
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quote:
Originally posted by DougTheMortgageMan
Having trouble placing this scenario...
FTHB, My Community or Flex 100, Florida SFR, Full Doc-744 mid score.
Problems-zip code is Broward County (Cooper City/Fort Lauderdale) and keep getting zapped on 5% reduction in ltv due to declining market. Back end ratio is 61% and hoping to find where seller cc can be 5-6% rather than 3%.
Any suggestions???
Thanks!!
go FHA for the 6% and get around the declining mkt, submit it to Flagstar manual U/W and see what you need to pay off to get the back end ratio down to an acceptable level. With a 744 I would think they have some reserves |
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williamspeaking
4058 Posts |
Posted - 02/13/2008 : 09:40:13 AM
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quote:
Originally posted by mganovsky
U.S. Bank will not do the loan thier max back end ratio is 50%, plus they are now doing the 5% reduction like every one else
They are only doing the reduction for correspondant lenders. Retail they will still do max LTV |
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DougTheMortgageM
116 Posts |
Posted - 02/13/2008 : 09:42:12 AM
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Thanks for the input.....
She is a single mom, has 3 open active trade lines and one of them is a lease with Honda Financial ($388.00 per month)and it would require her turning in her car early with a penalty. The other two have payments of $15 and $23 per month. If we turned in the car, her ratios would certainly qualify her for FHA.
Any thoughts on adding a non-occupying co-borrower to add income---the trick on that is the non-occupying co-borrower has a primary residence and two rental properties already.
Thanks!!! |
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808
2616 Posts |
Posted - 02/13/2008 : 10:15:40 AM
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quote:
Originally posted by DougTheMortgageMan
Thanks for the input.....
She is a single mom, has 3 open active trade lines and one of them is a lease with Honda Financial ($388.00 per month)and it would require her turning in her car early with a penalty. The other two have payments of $15 and $23 per month. If we turned in the car, her ratios would certainly qualify her for FHA.
Any thoughts on adding a non-occupying co-borrower to add income---the trick on that is the non-occupying co-borrower has a primary residence and two rental properties already.
Thanks!!!
I'm moving into unchartered waters but try this. Go to the Honda dealer refi the lease into a 10 mo loan which won't count against her DTI. I don't know if that'll work or what the PPP is on Honda's early lease termination, but hey, it's fun to think outside the box sometimes |
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Ryan Robertson
247 Posts |
Posted - 02/13/2008 : 11:10:19 AM
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I can do the loan, give me a call.
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mortgageman1
1124 Posts |
Posted - 02/13/2008 : 11:23:31 AM
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Any thoughts on adding a non-occupying co-borrower to add income---the trick on that is the non-occupying co-borrower has a primary residence and two rental properties already.
yeah,
DON'T Do it! You are looking at scr*wing up a really good, almost closed loan. Have the potential co-borrower gift her the 5% she needs instead.
OR,
You might be able to beat the 5% issue (IS She a 1st time buyer?) w/an 80/15/5 via WF.
They "might" do this in FL, certainly w/that CS. Going 80/20 or 80/15/5 would keep her out of PMI as well, however she HAS to have the 5% in onhand reserves or Gift Letter, bring it to closing, it's rolled into the 15 when becomes a 20 3 business days later w/a rebate check waiting at title company for borrower. This is ONLY for 1st time buyers, fyi; |
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mortgageman1
1124 Posts |
Posted - 02/13/2008 : 11:27:09 AM
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re: former posting, Call Wil Miller, WF Wholesale, ORL, & tell 'em I sent U;
we've done 6 of these over the last 5 years (again, only if Your borrower hasn't
OWNED in the last 2 yrs) |
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