1st & 2nd Purchase Combo

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justinbayle

113 Posts

Posted - 05/01/2008 : 3:12:27 PM

$700K purchase with 20% down on a condo in LA county
Had it structured as a $417K 1st and $143K 2nd HELOC at Wells. But Wells killed it because Home Equity is rolled back to 70% CLTV on condos in LA County.
Any where to preserve this structure as it is significantly more cost effective than a conforming jumbo single lien for 80%?
FTHBs, so getting a stand alone 2nd at US Bank is out. Plus they can't close in time.
Super low DTI, great reserves, perfect credit....thought it was the perfect file...which of course is the kiss of death.

justinbayle

113 Posts

Posted - 05/01/2008 : 4:45:07 PM

oh bump

blythega

1 Posts

Posted - 05/01/2008 : 4:47:30 PM

Any and all Washington state mortgage requests.

daronc

1201 Posts

Posted - 05/02/2008 : 11:53:10 PM

I can do this first if you can find the second.... ??

Or I can do as one loan.... *48 hour turn time on approvals...

htong

514 Posts

Posted - 05/03/2008 : 02:54:09 AM

Run it under DU and submit the findings with file to either

Taylor Bean
Chase

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