| Author |
Previous Topic | Next Topic |
|
DeCoite
105 Posts |
 Posted - 05/09/2008 : 06:54:52 AM
|
I have a client who is currently 90 days late on their FHA mortgage due to some health issues that have been taken care of and has a note from her doctor stating she is on her feet again. We want to do a cash out refi to 95 ltv. Ratios are 33/33 and credit is 620. Is there anyone out there who can do this and help her save her home. She has MS and is on a fixed income. Thanks.
|
|
clarenceworley
3221 Posts |
Posted - 05/09/2008 : 07:01:04 AM
|
| FHA will only go to 85% on a 1x30 mtg. that scores an approve/eligible...I really don't think this will fly. |
|
|
DeCoite
105 Posts |
Posted - 05/09/2008 : 07:32:04 AM
|
Thank you....I didn't think so either but I thought I would throw it out there. Thanks.
|
|
|
Banker0679
6362 Posts |
Posted - 05/09/2008 : 07:33:26 AM
|
| send it to flagstar with the LOE, and medical proof |
|
|
kalee3415
80 Posts |
Posted - 05/09/2008 : 07:58:05 AM
|
I would have said the same, but Flagstar will still have to cut it to the 85% on cash out no matter what the circumstance is.
quote:
Originally posted by Banker0679
send it to flagstar with the LOE, and medical proof
|
|
|
DeCoite
105 Posts |
Posted - 05/09/2008 : 08:00:21 AM
|
| Thank you...I will give that a try. |
|
|
Ksechrest@EQUIFI
1820 Posts |
Posted - 05/09/2008 : 08:11:06 AM
|
| Why not try rate/term with the strong LOE and medical proof that Banker0679 recommended? don't do cash out and you could have a chance to get her up to date and no payment due for a month.... |
|
|
ehm3
776 Posts |
Posted - 05/09/2008 : 08:24:19 AM
|
| as mentioned above, you will be limited to 85LTV on cash out. Since you say the current mortgage is FHA already, sounds like R/T is no benefit. |
|
|
DeCoite
105 Posts |
Posted - 05/09/2008 : 08:28:59 AM
|
That is true....she needs the cash out to pay off a judgment and the only benefit to rate/term would be to save her house (which is huge)! The problem is, the judgment she needs to pay off is to the association who is also trying to put her out of her home. THis is a tough one! I thank you for all your input.
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
