Need a 5/1 IO Under 6% for 630K 90%

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GVDenny

353 Posts

Posted - 05/01/2008 : 6:48:16 PM

Does anyone have a 5/1 I/O under 6?
784 FICO O/O R/T SFR CA 95118
630K Loan amount.
Thanks.

Call, post or smoke signals welcome!

PS, Deal on life support at Wells when Appraisal was cut. Now using new appraisal with Wells numbers, which are too low for their fixed program, CW offers 6% 5/1 I/O 90% LTV but wants to cut the appraisal more.

You gotta love this market!

Scrooge McDuck

9787 Posts

Posted - 05/01/2008 : 7:17:09 PM

why isnt the next lender going to cut the appraisal?

bmoran

1167 Posts

Posted - 05/01/2008 : 7:18:33 PM

quote:
Originally posted by GVDenny

Does anyone have a 5/1 I/O under 6?
784 FICO O/O R/T SFR CA 95118
630K Loan amount.
Thanks.

Call, post or smoke signals welcome!

PS, Deal on life support at Wells when Appraisal was cut. Now using new appraisal with Wells numbers, which are too low for their fixed program, CW offers 6% 5/1 I/O 90% LTV but wants to cut the appraisal more.

You gotta love this market!

Hummmmm you think you might have a problem with the appraisal?

GVDenny

353 Posts

Posted - 05/01/2008 : 7:21:34 PM

quote:
Originally posted by Scrooge McDuck

why isnt the next lender going to cut the appraisal?

The loan took months and my comps went stale. Wells condition was to get more current and a pending comp. that was done and the appraisal was ammended and cut 40k. I am using the new appraisal numbers with 5 solid comps. The deal is dead at Wells because now at 90% the adjustment does not work for the borrower so we are looking at a 5/1 now. CW has great pricing but wants to cut the NEW appraisal with 5 comps that I just got and that's a load of CACA POO POO!

GVDenny

353 Posts

Posted - 05/01/2008 : 8:01:38 PM

Ok, now that the chit chat is done, can anyone do it at 90%? I know CW can, someone else has to be able to do it.

hoangad

2937 Posts

Posted - 05/01/2008 : 10:46:11 PM

chase took my appraisal today @ 110 days old. =)

clean approval.
will doc monday or tuesday. 15k in fees.

GVDenny

353 Posts

Posted - 05/01/2008 : 11:13:05 PM

quote:
Originally posted by hoangad

chase took my appraisal today @ 110 days old. =)

clean approval.
will doc monday or tuesday. 15k in fees.

Yes I have an approval too with the new appraisal for a program my client does not want.
I guess this is where I applaud you and your wonderful success, thank you for sharing.
Now, back to my question again ...

hoangad

2937 Posts

Posted - 05/02/2008 : 06:57:00 AM

bear sterns has good rates.
the adjustment for 10 year i/o is very minimum
check it out.

jcanepa

800 Posts

Posted - 05/02/2008 : 08:55:59 AM

is it Full Doc?

GVDenny

353 Posts

Posted - 05/02/2008 : 09:00:51 AM

quote:
Originally posted by jcanepa

is it Full Doc?

Full doc, complete clean file ready to go.

Carpet Muncher

1385 Posts

Posted - 05/02/2008 : 09:02:55 AM

So far both Wells Fargo and Countrywide have cut the appraised value and you still think there are no appraisal issues? Maybe the third or fourth or fifth lender won't cut it.

GVDenny

353 Posts

Posted - 05/02/2008 : 09:08:55 AM

quote:
Originally posted by Carpet Muncher

So far both Wells Fargo and Countrywide have cut the appraised value and you still think there are no appraisal issues? Maybe the third or fourth or fifth lender won't cut it.

You know, it's very frustrating when people do not read. If you don't have a solution why do you bother to post. Is it that you just want a high post count?

I have a new appraisal, I clearly said it has been cut 40k. Wells Fargo approved the new appraisal, but it pushed us out of guideline for a program with them. CW is just being stupid, the new appraisal passed Wells review.

bigmoob

107 Posts

Posted - 05/02/2008 : 09:11:25 AM

Using 700k for value I can do this file. If value is lower I can't

GVDenny

353 Posts

Posted - 05/02/2008 : 09:14:56 AM