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wcaldrichjr
72 Posts |
 Posted - 05/13/2008 : 5:11:32 PM
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Any help would be appreciated on this scenario. Eastern Savings won't do this deal because the loan size has to be 417k minimum.
60% LTV, 250k loan amount
SFR, Self-employed full doc,
Savannah,GA, 515 fico scores
not much in the way of trade lines
VERY good income and assets, Owner-Occupied.
Any rates and terms are fine just need a loan for the customer.... |
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EquitySmart
1240 Posts |
Posted - 05/13/2008 : 9:26:39 PM
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| This seems like a good candidate for FHA, assuming 2 things you have not mentioned = borrower has owned business for at least 2 years, and borrower has good payment history on current mortgage (and decent payment history on all other credit accounts). The credit score is low, which indicates possible late payments, but the LTV is very low, so if debt ratios are low and borrower has reserves, then you should be in pretty good shape for a possible FHA manual underwrite... Why would an FHA loan not work here? |
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