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WMCHomeLoans
518 Posts |
 Posted - 05/05/2008 : 07:25:13 AM
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Carpet Muncher
1370 Posts |
Posted - 05/05/2008 : 07:31:25 AM
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I thought WMC imploded. Good to see you guys still around. Do you still have the bank statement program?
Your 95% in declining will probably have to go FHA |
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WMCHomeLoans
518 Posts |
Posted - 05/05/2008 : 07:45:08 AM
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haha, WMC DID implode. We are Wellington Mortgage Company. But, it was kinda tough to fit all that in a Username. :)
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South Shore
254 Posts |
Posted - 05/05/2008 : 07:50:41 AM
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FHA guidelines provide for 95% on cashout refinances. Purchases are up to 97% LTV w/ up to a 6% seller's concession. No declining market reductions either!
Our Company (est. 1987) has a well established Affiliate Program for non-FHA approved Brokers where you can assist your existing client with FHA product.
Our focus is to work hard to close your clients loans and to build a long term relationship with your company. You are recognized as the Broker, can make up to 2% Broker Fee, payable right on HUD; no ysp.
Most of your EA-I, EA-II and EA-III scenarios would be much better closing with FHA product as FHA rates and monthly MI are MUCH lower! HUD has also raised their loan limits and we can now save even more of your deals that will not work conforming but will FHA!
I am directly available to discuss our Program and your scenarios for properties in MA, FL, MD, DE, NY, CT, ME, IL, MN, AZ, and CO.
Have a scenario? FAX or e-mail me your 1003 and credit for same day review.
Neely Mondello; DE
South Shore Mortgage
866-237-7452 x242
FAX: 631-574-1442
neelymondello@myfastmortgage.com
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WMCHomeLoans
518 Posts |
Posted - 05/05/2008 : 07:52:57 AM
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let me rephrase.
any NON-FHA programs out there? |
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WMCHomeLoans
518 Posts |
Posted - 05/05/2008 : 08:08:30 AM
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your silence is promising.
;) |
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jpar994
774 Posts |
Posted - 05/05/2008 : 08:09:44 AM
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Not going to happen! Sorry for you luck but FHA is really your only option out there. Why can you not do FHA?
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slants
4133 Posts |
Posted - 05/05/2008 : 08:18:00 AM
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| If you get DU approval for MCM or Flex 100, lenders will take the 5% LTV cut and approve it at 95%. 680 is the minimum score to get MI to 95%. |
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WMCHomeLoans
518 Posts |
Posted - 05/05/2008 : 08:23:19 AM
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^what lenders are doing that??
any help is much appreciated. |
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refiguy123
242 Posts |
Posted - 05/05/2008 : 08:27:22 AM
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| Try Homecomings. |
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WMCHomeLoans
518 Posts |
Posted - 05/05/2008 : 08:39:29 AM
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| ^do you have a contact there? |
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South Shore
254 Posts |
Posted - 05/05/2008 : 08:40:04 AM
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quote:
Originally posted by WMCHomeLoans
let me rephrase.
any NON-FHA programs out there?
FHA is currently the best program for 95% loans.
FHA monthly MI is a factor of .50; significantly lower than regular MI.
Rates are good (i.e. we are closing >620 credit FHA loans at 6.00% today).
If you cannot place a My Community or Flex100, FHA is the best program.
Have a great day;
-Neely
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slants
4133 Posts |
Posted - 05/05/2008 : 08:59:04 AM
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| Flagstar and I'm sure many others. Just check the rate sheets for your approved lenders for My Community (Fannie) or Flex 100 (Freddie). dkendall1979 on BO still has them. |
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MarieS
219 Posts |
Posted - 05/05/2008 : 09:01:28 AM
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| US bank will go 95% in declining markets. |
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