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Broker4U
322 Posts |
 Posted - 05/06/2008 : 10:47:40 AM
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| 660 Mid / Owner Occ / SFR / 0-30 / Stated Self Employed (100% ownership of company) or Bank Statements (Business or Personal) / Min Loan amount $188,000 (72% LTV)Rate and Term... to if available, Cash out 80% -85% LTV with a loan amount of around $208,000 / Property located in Corvallis Oregon. Please point me in the direction to look. NO WACHOVIA!! They are dead to me... |
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Ksechrest@EQUIFI
1825 Posts |
Posted - 05/06/2008 : 10:48:58 AM
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| The only place that might have the bank statements is Accredited I believe. |
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williamspeaking
4052 Posts |
Posted - 05/06/2008 : 10:59:25 AM
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| I can do 75% cash out with a 660 in a non declining area. |
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Broker4U
322 Posts |
Posted - 05/06/2008 : 11:03:41 AM
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quote:
Originally posted by williamspeaking
I can do 75% cash out with a 660 in a non declining area.
Were do you think your rate will be...? Also can you email me all the necessary info... I don't see you on our company's approved broker list... You want to check your end. I'm Franklin Bank SSB, Main branch is in Waco TX. I am in PHX, AZ. |
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kmanc41
60 Posts |
Posted - 05/06/2008 : 11:15:49 AM
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Citi will do 75% cashout with a 660 and 80% with a 680. This is the Alt-A agency SIVA. Watch out for declining markets since the ltv will be cut by a minimum 5%. You will need 2 months reserves sourced and seasoned. If they are coming from the business you will need a letter from the borrower stating this will not adversly effect the business. Rates are not that bad. I am doing one right now in NY for a coop and locked at 6.75% with .5 ysp on a 30yr fixed. Call your rep. FYI, overkill on info is always best for example my rep told me to go to 411.com to show that the business is listed on top of the business license and CPA letter.
Kevin Mancini
Sr. Loan Officer
IMC Mortgage Company
428 Main St.
Armonk, NY 10504
914-219-5539
914-219-5471 fax |
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Broker4U
322 Posts |
Posted - 05/06/2008 : 11:31:51 AM
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quote:
Originally posted by kmanc41
Citi will do 75% cashout with a 660 and 80% with a 680. This is the Alt-A agency SIVA. Watch out for declining markets since the ltv will be cut by a minimum 5%. You will need 2 months reserves sourced and seasoned. If they are coming from the business you will need a letter from the borrower stating this will not adversly effect the business. Rates are not that bad. I am doing one right now in NY for a coop and locked at 6.75% with .5 ysp on a 30yr fixed. Call your rep. FYI, overkill on info is always best for example my rep told me to go to 411.com to show that the business is listed on top of the business license and CPA letter.
Kevin Mancini
Sr. Loan Officer
IMC Mortgage Company
428 Main St.
Armonk, NY 10504
914-219-5539
914-219-5471 fax
Cool... I will call my Citi Rep. It seems that that is the area I am running into the problems with is Sourced and seasoned Assets. I know we are good on the market. |
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kmanc41
60 Posts |
Posted - 05/06/2008 : 2:26:00 PM
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You can use business assets but they will need to have an average balance of 2 months PITI. BUT be careful, if you use bank statements to show assets you will shoot yourself in the foot. The statements will show deposits which the lender can detirmine income from, make sure you use a VOD.
Kevin Mancini
Sr. Loan Officer
IMC Mortgage Company
428 Main St.
Armonk, NY 10504
914-219-5539
914-219-5471 fax
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