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dmj30064
236 Posts |
 Posted - 02/15/2008 : 10:51:00 AM
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Please let me know of any lenders that can do this deal. Details are below & very accurate:
Appraised Value: 260000
Loan amount: 234000
LTV: 90
CLTV: 90
Occupancy: Owner Occupied
Loan Purpose: Rate/Term Refinance
Loan Type: 30 YR Fixed
State: MD
Doc Type: Full
Middle Score: 627
Debt Ratio: 40
Seasoning: 48+ months
Mortgage Lates: 1x30(Have letter from HSBC to show inaccurate)
Foreclosure: None
Bankruptcy: None
Tradelines: 10
Please help a fellow loan officer out, just need a few looks. djefferson@approvequities.com or call 678-395-8403. Thanks in advance.
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lenderep
2702 Posts |
Posted - 02/15/2008 : 2:17:25 PM
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| 10.3%, 30 year fixed, no PPP, no escrows...let me know if this works. Thanks |
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dmj30064
236 Posts |
Posted - 02/15/2008 : 3:43:14 PM
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It works for me, but I doubt that I will be able to sell the client on 10.5% when she currently has 9.3 with no escrows. We need to be talk 7.99% & better. C'mon BO point me in the right direction.
quote:
Originally posted by lenderep
10.3%, 30 year fixed, no PPP, no escrows...let me know if this works. Thanks
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williamspeaking
4058 Posts |
Posted - 02/15/2008 : 4:27:44 PM
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this borrower should be absolutely tickled pink to even get a DU approval. no impounds is an objection you should be able to squash like a bug.
30 fixed
MI AND IMPOUNDS REQUIRED
6.5% Par
6.875%<1> |
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davidfr
1185 Posts |
Posted - 02/15/2008 : 4:33:11 PM
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| Run it though DU, or do FHA, to get them the rate and then sell escrows. Nobody will waive escrows over 80%, but nobody but FNMA or FHA will give you a decent deal on that. That probably can't have both- no escrows and a good deal. |
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dmj30064
236 Posts |
Posted - 02/16/2008 : 2:47:14 PM
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I agree with you, she thinks she knows it all. I have already come to the conclusion that I will pitch her my best offer & let her make the decision with her current ARM. Thanks William.
quote:
Originally posted by williamspeaking
this borrower should be absolutely tickled pink to even get a DU approval. no impounds is an objection you should be able to squash like a bug.
30 fixed
MI AND IMPOUNDS REQUIRED
6.5% Par
6.875%<1>
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jindra21
42 Posts |
Posted - 02/17/2008 : 7:43:32 PM
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| Bofa will let her waive escrows, but that won't get you paid. They will do no MI and no escrows and no closing cost on their "no closing cost mortgage plus" program. It's for real and impossible to compete with. |
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jindra21
42 Posts |
Posted - 02/17/2008 : 7:44:11 PM
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| I'll stand myself corrected - your borrower would have to have a min. score of 680 to be eligible for this though |
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lscalder
1117 Posts |
Posted - 02/17/2008 : 8:14:11 PM
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| Try Flagstar Bank. |
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RGK2394
1224 Posts |
Posted - 02/18/2008 : 09:29:24 AM
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US Bank, pricing in the realm of what you're looking for, and no MI or escrow required EVER!
Slightly higher than conforming pricing, probably 0.5-.75, but would fit this situation perfectly. Be advised, they will pick your appraisal apart. |
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dmj30064
236 Posts |
Posted - 02/18/2008 : 09:32:29 AM
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Thank you greatly, I will check them out. I appreciate the info.
quote:
Originally posted by RGK2394
US Bank, pricing in the realm of what you're looking for, and no MI or escrow required EVER!
Slightly higher than conforming pricing, probably 0.5-.75, but would fit this situation perfectly. Be advised, they will pick your appraisal apart.
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