Can anyone still work with EA-II?

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MOmtg1

14 Posts

Posted - 05/09/2008 : 11:16:38 AM

Here is the scenario:

80% LTV
R&T refi
FICO = 625 (does have 4 or 5 1x30 in last 12 mo)
4 months reserves
30% DTI (using net income on taxes - bor is S/E)
Property in MO
Loan amount = $300K

They are currently on an arm at 8% and it is getting ready to increase on them in Aug. Can anyone offer anything better than that with this info? Looking for 30 yr fixed, but will take an ARM if rates are much better.

Thanks,

Ryan

cspatmon

2066 Posts

Posted - 05/09/2008 : 5:08:22 PM

I'm interested in knowing how they obtained 4-5 months reserves in contrast of being 4-5 months 1x30. What's the compensating factor? It's very difficult if not impossible to pull through people with mortgage lates.

MOmtg1

14 Posts

Posted - 05/09/2008 : 5:14:10 PM

Since self-employed, the late pays come from slow months in the business. Recently the business has picked up and they have a little put away in savings. Do any lenders still work with EA-II findings? None of my current lenders will take it and the mtg lates make it hard to get 80% LTV with subprime. Any ideas would be greatly appreciated.

Thanks,

Ryan

ericaldridge

208 Posts

Posted - 05/09/2008 : 5:15:33 PM

Flagstar does EA 2s and EA 3s

Clr2close

329 Posts

Posted - 05/09/2008 : 5:15:52 PM

Hello my name is Damon Laylock from Ideal Mortgage Bankers I can assist you with getting a better fixed rate please email me to discuss further at dlaylock@idealmb.com

DAMON LAYLOCK
SR. ACCOUNT EXECUTIVE
IDEAL MTG. BANKERS
OFFICE 631-944-4555 EXT. 2125
DIRECT LINE 631-944-4016
CELL-718-749-2112
FAX-631-944-4977
IDEALMB.COM
DLAYLOCK@IDEALMB.COM

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