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clkballa
77 Posts |
 Posted - 02/13/2008 : 1:04:54 PM
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Can anyone do this scenario in NV?
Stated/retired
$250k purchase
85% ltv
$840k in verified assets. |
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engrjon81
383 Posts |
Posted - 02/13/2008 : 1:20:19 PM
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tell him 0%
he just has to bring 360 months worth of P&I at the table...
:-D |
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forsociald
2140 Posts |
Posted - 02/13/2008 : 1:40:33 PM
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| Try Wachovia |
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ski2313
751 Posts |
Posted - 02/13/2008 : 1:49:40 PM
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go full doc, and send it to a lender that knows what "depletion of assets" is.
Put $50k on the app as reserves, and then use the other $750k as income.
Basically, you divide the reserves by 120, and that's your gross monthly income that you can use on the 1003.
In your scenario, you've got $6,250 of monthly income by utilizing the assets. That "should" be more than enough to go full doc and support the house payment.
Add social security into that? You should be all set.
Bank of America was the best at this, and I'm still searching for a decent replacement.
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ski2313
751 Posts |
Posted - 02/13/2008 : 1:54:38 PM
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Forgot to mention, that would be full doc conforming, with no hits to rate.
It's a manual underwrite.
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dgreco3
1959 Posts |
Posted - 02/13/2008 : 2:12:18 PM
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| You do realize that when you do a stated income loan in NV that you and the borrower must sign the extra 2 page document required by the state that is your testament of how you deemed the income reasonable for their situation? So check salary.com for retirees and see how that flies |
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ski2313
751 Posts |
Posted - 02/13/2008 : 2:24:20 PM
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If they truly have $800k in assets, there's no need to go stated!
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slants
4274 Posts |
Posted - 02/13/2008 : 2:40:56 PM
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quote:
Originally posted by dgreco3
You do realize that when you do a stated income loan in NV that you and the borrower must sign the extra 2 page document required by the state that is your testament of how you deemed the income reasonable for their situation? So check salary.com for retirees and see how that flies
LO has to certify on NV AB440 form: I have verified the income amount provided by borrower by:
___ Salary.com
___ U.S. Department of Labor
___ Other: specify VOE, paystubs, _____________________________
Assuming LO has confirmed that the borrower does have other adequate income over and above their SSI and/or pension that won't be documented, I think it could fall under other. Salary.com may not neccesarily be the only way to support stated income.
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prof9000
104 Posts |
Posted - 02/13/2008 : 2:48:54 PM
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| You might try Citi's asset based income program - I think they require $500k in liqued assets |
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dgreco3
1959 Posts |
Posted - 02/13/2008 : 2:50:07 PM
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you are likely correct, my point was that in doing stated income NV with retirees is a very sketchy thing to do when there are other alternatives out there- I wouldn't do it-
quote:
Originally posted by slants
quote:
Originally posted by dgreco3
You do realize that when you do a stated income loan in NV that you and the borrower must sign the extra 2 page document required by the state that is your testament of how you deemed the income reasonable for their situation? So check salary.com for retirees and see how that flies
LO has to certify on NV AB440 form: I have verified the income amount provided by borrower by:
___ Salary.com
___ U.S. Department of Labor
___ Other: specify VOE, paystubs, _____________________________
Assuming LO has confirmed that the borrower does have other adequate income over and above their SSI and/or pension that won't be documented, I think it could fall under other. Salary.com may not neccesarily be the only way to support stated income.
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clkballa
77 Posts |
Posted - 02/13/2008 : 4:14:27 PM
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| I have his 1040's, but he's only making $28,000/year, obviously not reporting any interest income he's accruing. |
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dwmordue
436 Posts |
Posted - 02/13/2008 : 4:42:47 PM
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Wells Fargo is pretty good at allowing asset depletion as income.
Depending on the age of the borrower they will basically take the assets and calculate the income that could be made at 5% rate of return and deplete the assets over a 15 year or 20 year period ( I think ) According to the previous post, it's a 10 year time frame, which would actually give you way more income.
Any which way, Wells Fargo does allow for asset depletion as an income calculation.
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clkballa
77 Posts |
Posted - 02/13/2008 : 4:52:26 PM
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| Cool. Thanks guys. Submitting this loan today. |
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lucky1s
3620 Posts |
Posted - 04/01/2008 : 11:31:16 AM
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| Anybody else? |
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ehm3
979 Posts |
Posted - 04/01/2008 : 11:35:48 AM
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what is the credit?
I recently did a full doc LP approval, 770 score, $1 listed as income, verified $2m assets
got an Accept Plus, only had to verify funds to close
agency 30, no hits, 2nd home, 20% down
will not work on Fannie, only Freddie. Probably will not work at 85 LTV
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