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Katielicious
31 Posts |
 Posted - 05/13/2008 : 5:21:12 PM
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Let me know if any lender would do this scenario.
780 Fico
Stated
Loan Amount 650K
SFR / OO
CA property
85% LTV
Thank you! |
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thumpertherott
54 Posts |
Posted - 05/13/2008 : 8:17:56 PM
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| there are dozens of lenders out there that claim they can do 85% ltv loans but the problem with them are they will never get an MI company to back them. Honestly i have fouund that an 85% ltv conventional is not a real loan anymore. |
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ADVISEUMORT
395 Posts |
Posted - 05/14/2008 : 08:05:54 AM
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| that would be my 2 cents as well, they wont do the lona without insurance, and noone will give them it so |
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rortega
952 Posts |
Posted - 05/14/2008 : 08:30:21 AM
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| In this case the MI situation may not be the entire problem but you are going to have a tough time getting 85% LTV period with that loan amount due to guides not going that high of LTV. You may run into a problem getting 80% if the property is located in a declining market area. Tough one and good luck. |
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thumpertherott
54 Posts |
Posted - 05/14/2008 : 10:13:01 AM
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i dont think loan amount has anything to do with this situation. i personally know its an MI situation b/c of the several diffrent banks that claim to be able to do 85-90% ltvs but fall short do to MI issues. any rep that tells you they can honestly do 85-90% loans in CA right now are full of it! i know those kind of reps. the throw as much sh1t against the wall and what ever sticks, sticks. i dont work with reps like that. if you or anyone knows of a bank that can honestly do 85-90% stated please forward me thier numbers. ive tried with Justmtg.com and my rep (rosa lee) is horrible. most of the information i am presenting here is based off of opinions and reasonings i got from underwriters.
good luck! |
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rortega
952 Posts |
Posted - 05/14/2008 : 11:22:19 AM
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What MI companies are your refering to? We have a few MI companies that recently changes there guides to reflect a max 85% LTV Stated but wage earners are no longer accepted when exceeding 80% and must be self-employed only. There are no longer 90% stated income programs period that I am aware of due to the MI restrictions. I have a few of these loans in the pipe right now and they have been approved and going so I am not sure what kind of reps you are working with. This will be all for not anyways because the 85% LTV stated is no longer going to be an option for many lenders after 5/24 according to the stated income revisions that are going into affect.
The loan amount in this case would make a difference because there are basically not many options going 85% LTV on jumbo loan amounts in this industry.
Good luck in getting this one to go.
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thumpertherott
54 Posts |
Posted - 05/14/2008 : 11:24:56 AM
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| Im using Justmtg.com reps name is rosa lee (she *****) and NBGI.com they suck too. what companies are you using for 85% SIVA cash out? |
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lewman7
151 Posts |
Posted - 05/14/2008 : 12:11:04 PM
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| Cash out is a huge stretch just mortgage is the only 85% left but like he said throw enough **** against the wall and see what sticks all just mortgage reps are like this I know this for a fact good luck my firend. |
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thumpertherott
54 Posts |
Posted - 05/14/2008 : 2:23:02 PM
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| will anyone provide their SIVA lenders names that will go 85% c/o or r/t in california? |
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