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aspiring1
1321 Posts |
 Posted - 03/25/2008 : 10:35:22 AM
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I have a client who is looking to refinance his rental property. His ARM is
set to adjust and increase soon (currently at 9%). He prefers a 30 year fixed.
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LTV = 53% (Balance $361K, Home Value $685K)
FICO= 650
Self employed (Landlord 30 years)
BK= 2003
R/T - No cash out
No mortgage lates
I appreciate any insight regarding this scenario!
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dkendall1979
10342 Posts |
Posted - 03/25/2008 : 10:38:15 AM
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| Doc type? |
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racerx
11458 Posts |
Posted - 03/25/2008 : 10:38:54 AM
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| Doc type? |
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racerx
11458 Posts |
Posted - 03/25/2008 : 10:39:33 AM
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| Great minds, Dave! |
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aspiring1
1321 Posts |
Posted - 03/25/2008 : 10:47:29 AM
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| Oops! He has tax returns...excuse my ignorance, haven't done a self employed borrower before. I have to get more info from him as far as gross income adjustments etc. |
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racerx
11458 Posts |
Posted - 03/25/2008 : 10:57:02 AM
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| If you can go full doc, run it through DU. If you need stated, maybe World's 30-yr fixed option. |
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aspiring1
1321 Posts |
Posted - 03/25/2008 : 11:05:28 AM
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quote:
Originally posted by racerx
If you can go full doc, run it through DU. If you need stated, maybe World's 30-yr fixed option.
Great, looking into it now. THANKS!!! |
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lynnconnors
2 Posts |
Posted - 03/25/2008 : 2:17:06 PM
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| Wachovia can do thru our 30 year fixed pick a pay loan. Stated Income at that LTV. Is his credit clean since the BK in 2003? Lynn.connors@wachovia.com |
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