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csiloans
34 Posts |
 Posted - 04/29/2008 : 3:39:54 PM
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I Just got an email on this. Anyone hear of this.
Get 100% financing even in areas of declining market
· Purchase Transactions Only ($450,000 Max Purchase Price)
· Full Documentation
· Owner occupied residences, SFR and Duplex
· Stands behind Fannie Mae’s My Community Mortgage
· 640 Minimum Fico
· 20-year, fixed rate, fully amortizing 2nd Loan up to 8% of the purchase price of the home (CLTV maximum 100%).
· 8% interest rate on the 2nd Loan
· MI required
· No Pre Payment Penalties
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americanheartlan
2173 Posts |
Posted - 04/29/2008 : 3:42:05 PM
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you wanna share who the lender is?
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csiloans
34 Posts |
Posted - 04/29/2008 : 3:43:50 PM
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| It is a broker offering it Fidelity First Funding |
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nutesch
396 Posts |
Posted - 04/29/2008 : 3:44:39 PM
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| Sounds like someone is tying in an Affordable or Community Second, which is a very viable option in many markets. |
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csiloans
34 Posts |
Posted - 04/29/2008 : 4:02:46 PM
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Just talked to this guy he said:
92% ltv 1st
8% ltv private 2nd
he is charging 2 points + 1400 in broker fees |
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jmb
288 Posts |
Posted - 04/29/2008 : 4:23:29 PM
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| Can I have this guys number? I need to do some investigating. |
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marklorico@gmail
64 Posts |
Posted - 04/30/2008 : 12:09:09 AM
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yes i have the lender too...Its for CA properties only... Capital Direct Financial... its a lender
www.cdfi-us.com
enjoy! oh yeah the second is to make up for the decline for flex or mycomm. and yes the second is 8% int rate and the first with MI... wow what a payment signing up with them dont forget USDA 102% loans no MI also which can be used in some cities in CA. |
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csiloans
34 Posts |
Posted - 04/30/2008 : 07:49:53 AM
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| Thanks I appreciate the info |
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Shuggins
925 Posts |
Posted - 04/30/2008 : 08:10:05 AM
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| In MN I have some banks that will hold the 2nd, but you need 700+ fico. |
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