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jgeeh
20 Posts |
 Posted - 04/29/2008 : 09:16:49 AM
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| Got a client who would only like to put down 5% is possible. Full Doc, purchase, SFR, 661 Fico, 30% DTI and the home is in a declining market. |
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mganovsky
2114 Posts |
Posted - 04/29/2008 : 09:35:21 AM
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| check with Flagstar they were allowing 95% with no reduction for declining markets as long as it was a purchase, full doc, SFR |
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jcanepa
800 Posts |
Posted - 04/29/2008 : 10:03:47 AM
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| what's the Loan Amt and Zip? |
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jgeeh
20 Posts |
Posted - 04/29/2008 : 10:05:20 AM
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230K
80601 zip |
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South Shore
450 Posts |
Posted - 04/29/2008 : 10:13:38 AM
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FHA guidelines provide for up to 97% LTV w/ up to a 6% seller's concession on purchases.
95% on cashout refinances. No declining market reductions either!
Our Company (est. 1987) has a well established Affiliate Program for non-FHA approved Brokers where you can assist your existing client with FHA product.
Our focus is to work hard to close your clients loans and to build a long term relationship with your company. You are recognized as the Broker, can make up to 2% Broker Fee, payable right on HUD; no ysp.
Most of your EA-I, EA-II and EA-III scenarios would be much better closing with FHA product as FHA rates and monthly MI are MUCH lower! HUD has also raised their loan limits and we can now save even more of your deals that will not work conforming but will FHA!
I am directly available to discuss our Program and your scenarios for properties in CO, AZ, FL, MD, DE, NY, CT, MA, ME, IL, and MN.
Neely Mondello; DE
South Shore Mortgage
866-237-7452 x242
FAX: 631-574-1442
neelymondello@myfastmortgage.com
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jcanepa
800 Posts |
Posted - 04/29/2008 : 10:26:19 AM
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| You won't be able to get MI unless you had a 680 FICO for Conforming. I don't know about FHA |
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