| Author |
Previous Topic | Next Topic |
|
izzymaestro
82 Posts |
 Posted - 04/30/2008 : 4:29:44 PM
|
Anyone know what i'm getting myself into?:
613 Vet's Fico, Wife 494
146k combined annual income
26/32% ratios
400,000 purchase price.
COE 6/20/08
DU returns Refer/Eligible..
|
|
nowbroker
934 Posts |
Posted - 04/30/2008 : 4:57:44 PM
|
A 494 score and you wonder why it did not get approved at 100% LTV?
This loan would make New Century turn over in its grave.
She either has many mistakes on her credit, or would need the mother of all explaination letters. |
|
|
MisterVA
5365 Posts |
Posted - 04/30/2008 : 6:11:32 PM
|
| Drop the wife and see what happens. |
|
|
Banker0679
7715 Posts |
Posted - 04/30/2008 : 6:12:29 PM
|
you think?
quote:
Originally posted by MisterVA
Drop the wife and see what happens.
|
|
|
MisterVA
5365 Posts |
Posted - 04/30/2008 : 6:13:45 PM
|
| I think I would have done that at the first sight of '494'. |
|
|
Banker0679
7715 Posts |
Posted - 04/30/2008 : 6:14:17 PM
|
i would've declined it myself lol
quote:
Originally posted by MisterVA
I think I would have done that at the first sight of '494'.
|
|
|
MisterVA
5365 Posts |
Posted - 04/30/2008 : 6:16:00 PM
|
| And maybe played that commerical of the singing restaurant pirate. |
|
|
jpar994
755 Posts |
Posted - 04/30/2008 : 6:21:16 PM
|
| what lender will take it with a 494 and do they have enough eligibilty to go to 400k |
|
|
SoCalRay
717 Posts |
Posted - 04/30/2008 : 6:26:06 PM
|
| I just closed a rate/term VA with a 408 score |
|
|
ladysammm
263 Posts |
Posted - 04/30/2008 : 9:35:17 PM
|
Do you know why it is referring? are there a lot of derogs that would cause it. VA has only one ratio which is backend of 41% however they also have residule income requirements which is a huge compensating factor. If it is your first VA be sure the loan analysis is correct and all field in DO match, if you still get refer then try husband only and see. As far as eligibity goes that is relevent to his cert of eligibility and if it says he has full eligibility or not. We cannot do VA manual with fico less then 580 but I hope that helps you.
pam.kirchner@assurityfinancial.com |
|
|
izzymaestro
82 Posts |
Posted - 05/01/2008 : 4:16:17 PM
|
Thanks all for the input. I've been told by my Citi rep that they will take the file for manual UW and we'll see.
Property is in CA, a community property state so fed loans require the spouses credit information for UW review anyways so I may as well use her income as well - her score is low because of charge offs in 2004-2005 - good payment history since then but no big new accounts.
keeping the wife on takes my residual to $6870 for a 4 person household- i'm hoping thats a good enough compensating factor |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
