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gotdebt123
68 Posts |
 Posted - 05/11/2008 : 6:14:52 PM
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One borrower 750 scores.
Coborrower 790---Non occupying.
First borrower has 45k income and makes commissions maybe able to work full doc Condo purchase but he wants the non occupying coborrower on the loan.
90ltv. If I do stated they want 2 yrs stated he's 1 yr 7 months. for the coborrower.
If I do stated on the first borrower I cant put the coborrower on.
Tell me the structure and tell me the bank . I have access to most banks.
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slants
2849 Posts |
Posted - 05/11/2008 : 7:16:53 PM
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| FHA. |
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jpar994
624 Posts |
Posted - 05/11/2008 : 7:26:17 PM
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| cant go stated with FHA, I dont know who else takes non occupying co borrowers on the property! |
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assassin17
2633 Posts |
Posted - 05/11/2008 : 7:27:24 PM
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| FHA is not a Panacea. |
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Banker0679
6480 Posts |
Posted - 05/11/2008 : 7:36:55 PM
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| if he is commissions only, then he would need 2yrs for FHA also |
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gotdebt123
68 Posts |
Posted - 05/11/2008 : 7:38:25 PM
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| greattttttttt at least you all are clanking the layup hard against the backboard also. |
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propertylender.c
776 Posts |
Posted - 05/11/2008 : 7:47:35 PM
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Welcome back to tradition underwriting.
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slants
2849 Posts |
Posted - 05/11/2008 : 9:33:24 PM
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quote:
Originally posted by jpar994
cant go stated with FHA, I dont know who else takes non occupying co borrowers on the property!
"First borrower has 45k income and makes commissions maybe able to work full doc ". |
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slants
2849 Posts |
Posted - 05/11/2008 : 9:34:41 PM
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quote:
Originally posted by Banker0679
if he is commissions only, then he would need 2yrs for FHA also
"Can anyone do 1 yr self-employed?"
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=221183 |
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Banker0679
6480 Posts |
Posted - 05/11/2008 : 9:38:36 PM
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i have tried 1yr commissions...and the borrower had 6months reserves, 5% down, and 780 score. Been pharmaceutical sales for 5yrs with salary, and moved to new job commission only...
every FHA lender said 2yrs |
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slants
2849 Posts |
Posted - 05/11/2008 : 9:43:02 PM
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quote:
Originally posted by ladysammm
There is many ocassion that Do will only require 1 yr tax returns. It is based on overall credit risk of the borrower and the guidelines address this also for a borrower who shows greater years experience in that position before they become self same position so you have the ability to get approval even with manual underwrite with appropriate documentation and very stable credit history.
pam.kirchner@assurityfinancial.com Wholesale AE
FHA The Assurity Way
quote:
Originally posted by Clr2close
Its in MRA book for FHA in certain circumstances between 1 year and 2 years of self employed ie same line of field and other situations 1 year is allowed
quote:
Originally posted by Clr2close
Jemortgage it happens on case to case basis if you would like to discuss further please email me at Dlaylock@idealmb.com
DAMON LAYLOCK
IDEAL MORTGAGE BANKERS
ACCOUNT EXECUTIVE
DIRECT-631-944-4016
FAX-631-944-4977
CELL-718-749-2112
EMAIL-DLAYLOCK@IDEALMB.COM
WEB-WWW.IDEALMB.COM
quote:
Originally posted by pghquest
principal buyer here, just closed with Wells Fargo, through PNCBank, with less then 1 year self employed.
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dtmwest
84 Posts |
Posted - 05/11/2008 : 10:03:36 PM
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Stearns has good stated programs
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slants
2849 Posts |
Posted - 05/11/2008 : 10:11:45 PM
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quote:
Originally posted by dtmwest
Stearns has good stated programs
Stated will require 2 years SE for sure. Only shot is DU w/ 1 year tax return or more likley FHA w/ non-occupant co-borrower. |
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