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fasterdamitt
39 Posts |
 Posted - 05/08/2008 : 2:37:06 PM
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Ran into a problem where Citi will not subordinate a Citi current second to 94% CLTV after getting a Citi first approved at 77% LTV. The issue is the current second is FNMA issued it at originaly 79% CLTV. I am now at 94% CLTV so Citi will not subordinate.
Flex 97 or 100 will not combine it because the second was taken out after the purchase, so it's considered cash out.
I was thinking FHA, but I need a bought down 4.5% I/O and I'm told FHA has no I/O or buy down low enough.
Any idea's?
Thanks Tom |
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fasterdamitt
39 Posts |
Posted - 05/08/2008 : 3:32:35 PM
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| TTT |
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Reegor
435 Posts |
Posted - 05/08/2008 : 3:44:30 PM
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Almost have to go FHA 2/1 buydown and not worry about IO
5.375 2/1 buydown costs about 3 pts.
1st year 3.375 2nd 4.375 3rd and rest 5.375
Would compare for at a few years to a 4.5% IO program bought down.
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fasterdamitt
39 Posts |
Posted - 05/08/2008 : 3:48:47 PM
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| That's funny, cause I was going to do a 2/1 buy down originaly, but the program would not allow so I went with a perm buy down. Good idea, Thanks |
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