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rwhelton
32 Posts |
 Posted - 05/01/2008 : 11:57:40 AM
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How in the world do you get a guy a loan in this market that has 800+ scores, 10% Down on Purchase, $40K in liquid assets, a house that he already has paid off and will sell shortly.
Here's the kicker, only been self employed for 4 months?
Any suggestions...... |
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Keane
292 Posts |
Posted - 05/01/2008 : 12:07:53 PM
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| If you can get the guy to put 20% down, then DO/DU will approve it. Just fill out the 1003 as it is and it should give you an approve/eligible as long as you pick a 30 yr. fixed without I/O. |
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rwhelton
32 Posts |
Posted - 05/01/2008 : 12:20:03 PM
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| Even with DO findings won't they still recquire 2 years in business? All the stated programs are out because of the 4506T and I'm not buying a loan back. This guys is really clean and hard to believe he can't get financing.....I think he'll put the 20% down though if needed.... |
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justinroth1
35 Posts |
Posted - 05/01/2008 : 1:23:26 PM
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| I can get that loan done! 80% SISA! Send me the deal! or email me justin@justindroth.com |
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CoolMtgGuy
2028 Posts |
Posted - 05/01/2008 : 1:31:59 PM
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quote:
Originally posted by rwhelton
How in the world do you get a guy a loan in this market that has 800+ scores, 10% Down on Purchase, $40K in liquid assets, a house that he already has paid off and will sell shortly.
Here's the kicker, only been self employed for 4 months?
Any suggestions......
Better find him a solution fast because he could walk into BofA and get this done in a NY minute. DId you read my earlier post? They offered to do a refi for a client of mine who had no job!
I'm seeing the handwriting on the wall ... now on the door and on my desk! I just can't see brokers still standing a year from now.
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jcanepa
800 Posts |
Posted - 05/01/2008 : 1:35:49 PM
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| Well he's not a solid borrower with only 4 months SE income. You're not getting a loan based on FICO anymore. Most banks require a Min of 2 years SE. Good luck! |
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CoolMtgGuy
2028 Posts |
Posted - 05/01/2008 : 1:57:48 PM
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quote:
Originally posted by jcanepa
Well he's not a solid borrower with only 4 months SE income. You're not getting a loan based on FICO anymore. Most banks require a Min of 2 years SE. Good luck!
See my post earlier today? Well maybe the borrowers can get these loans through mortgage brokers but they can certainly get them through their friendly local banker called BofA. Amazing how much we are anti-reality sometimes. Me too I must admit! |
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rwhelton
32 Posts |
Posted - 05/05/2008 : 1:52:55 PM
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Spoke to BofA earlier while I was making my personal deposit. They said if he doesn't bank there, he doens't get lending there period. It's for their customers only.....
It didn't seem like the bank was trying to hard to catch this guy..... |
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