davidfr
1172 Posts |
 Posted - 05/12/2008 : 5:00:43 PM
|
Need some creative help on this one:
- Florida property
- 2nd home
- Has 3.5 mil liquid reserves
- Hi rise condo
Great borrower (almost!), full doc, 705 score, 40% DTI, looking for rate and term 15 year fixed. Sounds easy, right?
Here is the catch. He originally bought the condo with a group of investors, and they couldn't sell it. He bought it from them in January, but the guy who was responsible for paying the note wasn't so good. There is a 30 and a 60 day in the last 12 months. He still has a 705 score despite this because he has never had a late (ever) otherwise. I have already run through DU and I got a refer/ eligible.
I guess I could try FHA, but the rate is not as good and he would have UFMIP. I quoted him 5.5% but knew about the mortgage late, and told him i could only deliver if i could get him approved through DU. Anyone have any ideas? |
|
Search for: 
