Stated Income Seconds

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pnut797

43 Posts

Posted - 05/13/2008 : 2:42:48 PM

720 score, owner occ, 250k loan amount, 80-85% cltv. anyone out there still doing this? i can't seem to find anyone. any suggestions are appreciated

jloans2003

134 Posts

Posted - 05/13/2008 : 3:46:31 PM

no 2nds period...sorry. have to go to local banks. i do mine thru b of a , i can help if you want....

pnut797

43 Posts

Posted - 05/13/2008 : 4:19:01 PM

Thanks Jarrod, I already refer them to B of A but I was hoping to keep them in house. Thanks for your input!

irishstu7975

260 Posts

Posted - 05/13/2008 : 4:56:15 PM

there are still companies that do 2nds out there...not stated but for future reference M&I bank and Gb morgage still do them....

jloans2003

134 Posts

Posted - 05/13/2008 : 4:58:12 PM

thats what i was trying to say...sorry for any confusion :)

ashmoldas

7 Posts

Posted - 05/13/2008 : 5:41:53 PM

I agree. BofA Retail is the last lender doing stated 2nds. M&I Bank stopped lending in CA last week and GB Home Equity stopped stated awhile ago. MY QUESTION: is it possible for us to closed 2nds with BofA retail con-currently with 1st mortgages we get approved thru wholesale channel. Has anyone done this successfully? Just trying to find a way to close these lifeless deals on my desk :)....

Mandyvilla

2371 Posts

Posted - 05/13/2008 : 5:44:19 PM

No, we will not do a purchase money stand alone second.

FLhardmoney

225 Posts

Posted - 05/14/2008 : 04:32:32 AM

Stated seconds up to 99k or higher with exceptions for exceptional credit. Rates prime based with options to fix. Usually close in a couple of days.

deeles07@yahoo.com

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