j.m.suarez
3 Posts |
 Posted - 05/01/2008 : 10:40:39 PM
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Scenario: Full Doc REFI-no cash out, rate and term with buydown to 5.5 for SFR, OO, mid FICO 656, w-2, no prepay, he wants to buy down rate out of his equity. LTV 65.3---> 70%, LA 271k, 30 year fix fully amortized, DTI 54%, property located in NAPA, CA. no BK's nor foreclosures...
1. Client wants a 5.5 interest rate with buydown up to 1 point.
2. Client has 1 late mortgage in last 24 months. None in last 12 months.
3. Client has appraisal at 415k with garage conversion to a suite, 2 walls, no changes to electrical or plumbing and did this without a permit.
4. Appraiser says there are no like comps of garage conversion in 1 mile radius and within last 90 days. Appraiser had added addendum removing upgraded garage conversion and adjusted appraisal to 400k.
5. 6 months seasoned reserves ok |
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