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mganovsky
1615 Posts |
 Posted - 04/30/2008 : 08:45:13 AM
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Just received the below info from Apex Support team, those of you needing Stated products try them out.
MAGNA MORTGAGE
A DIVISION OF REGIONS BANK d/b/a REGIONS MORTGAGE
“The Simply Stated Loan with Competitive Rates”
Looking for a Mortgage Partner to Shoulder ALL the Risk of STATED LOANS. Then, Look No Further! At MAGNA MORTGAGE, we offer the following Products:
· SIVA - Stated Income/Verified Assets
· VISA - Verified Income/Stated Assets
· FULL DOC - Verified Income/Verified Assets
Our Products can be used in Conjunction with the Following Program Offerings:
· SFR’s, Townhomes, Log Cabins, & Other Unique Homes
· Homes with Excess Land (hobby farms such as horse & cattle farms, tree farms, hunting camps) – Unlimited Acreage
· Condos & Non-Warrantable Condos
o Condo Hotels
o Apartment Conversions
o Hotel Conversions (no min. square footage required)
· Investment Properties
· Raw Land and Developed Lots
· Mixed Use and Unusual Properties
· Cross Collateralization and Blanket Loans to 100% LTV
· No Score and 1 Score Programs
· Closings in Partnerships, Trusts, LLC’s Allowed
· Refinancing of Properties Listed for Sale
· Self-Employed Borrowers Less than 2 Years
· Stated Wage-Earners and Stated Fixed Income Borrowers
In addition, MAGNA MORTGAGE offers the following unique criteria for residential home loans:
Ø NO Prepayment Penalty
Ø Minimum Qualifying Credit Score = 660
Ø Rate/Term/LTV Based on the Highest Middle Credit Score of All Applicants with Reasonable Income (does not have to be the Bread Winner)
If any of these Product or Program Offerings are needed by your company, please contact myself.
CONTACT: Account Executive - - Wronal Q. Simmons
Cell: 866-674-0415 or Email: Wronal@msn.com
Website: https://magna.regionsmortgage.com
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mganovsky
1615 Posts |
Posted - 04/30/2008 : 09:01:48 AM
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| I just sent in a difficult loan scenario to them, and will keep every one posted on timely response, and whether they do what they say. |
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jfink46
200 Posts |
Posted - 04/30/2008 : 09:18:55 AM
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| I closed a bunch of loans with them in 2007 and they were a great, common sense lender specializing in condotel's. Unfortunately, they have stopped lending in Nevada. |
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goodguy1
1559 Posts |
Posted - 04/30/2008 : 09:26:33 AM
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their site says all states except:
Alaska
California
Connecticut
Delaware District of Columbia
Hawaii
Massachusetts Michigan
New Jersey
New York Ohio
Pennsylvania
Rhode Island
so no Nevada??
are there others too? |
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jfink46
200 Posts |
Posted - 04/30/2008 : 09:31:29 AM
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| That's what I was told by my rep. They also haven't been signing up new brokers in Nevada since last fall... |
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jfink46
200 Posts |
Posted - 04/30/2008 : 09:34:28 AM
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| What website are you looking at? |
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goodguy1
1559 Posts |
Posted - 04/30/2008 : 09:36:34 AM
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Website: https://magna.regionsmortgage.com
posted above.. |
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CoralSnake
10256 Posts |
Posted - 04/30/2008 : 09:37:14 AM
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quote:
Originally posted by goodguy1
their site says all states except:
Alaska
California
Connecticut
Delaware District of Columbia
Hawaii
Massachusetts Michigan
New Jersey
New York Ohio
Pennsylvania
Rhode Island
so no Nevada??
are there others too?
Where is New York Ohio located? |
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