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reichone
98 Posts |
 Posted - 04/05/2008 : 07:50:53 AM
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Ok, this is what I have...
North Carolina Property
90%
Purchase
591 Middle Score
Full Doc
$20K in verifiable assets
Stick built home, New house
39% Housing ratio (reason why FHA will not approve it, FHA max 31%, I had sent it to TBW and Franklin American Bank but got declines)
DTI will vary depending on rate, with 7.5% DTI is 43%
Credit score is low because of 2 large collections that customer paid off (before I could tell her not to) in February of 2008.
Customer currently renting for past 3 years. She paid a private landlord $450 month in CASH. Therefore we can not get cancelled checks. I can get a VOR but that does not do much based on banks guidelines these days.
She is NOT a first time home buyer.
Great job stability, nurse for over 8 years.
I have 2 years W-2s, 2 months bank statements, most recent quarterly retirement account, and letters of explanations on collections.
She did have a first and second mortgage with BB&T that was paid off in 2005. But in 11/04, 12/04, 01/05 she had a rolling 30 day late. Again it was paid off in 2/2005 when she sold property.
I did run it conventional and got a EA-I, but can not get mortgage insurance because of credit score.
Any advice toward which way to go will be greatly appreciated. Thanks.
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andyols
108 Posts |
Posted - 04/05/2008 : 08:11:53 AM
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How to get rent verification around, talk to one of your realtor for verification of the rent for your client and this my be approved by the underwriter science realtor is also management firm? Also GRI does with 590 fico but rates are high, do you try WAMU my community program?
Andy |
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reichone
98 Posts |
Posted - 04/05/2008 : 6:52:46 PM
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quote:
Originally posted by andyols
How to get rent verification around, talk to one of your realtor for verification of the rent for your client and this my be approved by the underwriter science realtor is also management firm? Also GRI does with 590 fico but rates are high, do you try WAMU my community program?
Andy
thanks for info. but the vor has to be from the firm that the payment was being made to. The bank calls on the vor's now, and all three banks I have sent loan to has done the same. Getting around the VOR is out of the question. |
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hherrm
1342 Posts |
Posted - 04/05/2008 : 6:57:25 PM
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| Have you tried to get the credit bureau to verify rent and put it on credit. I remember doing this before for FHA and it was accepted. |
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