Loan Scenario

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rtrefflich

3414 Posts

Posted - 05/15/2008 : 12:05:13 PM

700 Fico Full doc Self employed currently owes $430,000 home is worth $800,000, looking for max cash out possible.

love88

8 Posts

Posted - 05/15/2008 : 12:40:58 PM

Call me :)

Hard Money Loans, Bridge Loans, Commercial Loans, Construction Loans, Refi's, and Land Loans.

We offer loans on some red tagged properties, some NOS and the property can be listed.
We can lend up to 75% LTV on Residential.
We can lend up to 60% LTV on Land and Commercial Deals.
We welcome declined loans.
Quick turn around time and personalized service.
Working with Lenders that Care in an Upside Down Market.

lukeallison

1409 Posts

Posted - 05/15/2008 : 12:43:41 PM

Use the new Fannie or Freddie jumbo. You can get 75% cash out. Plus a killer rate. $600k new loan and $170 cash out. Not bad, huh?

robertk

209 Posts

Posted - 05/15/2008 : 12:47:24 PM

If you're lookng for private money we can do a 2nd HELOC tp 65% CLTV.

Aloha

294 Posts

Posted - 05/15/2008 : 12:51:29 PM

Home Saving of America can do c/o stated/self-employed up to 80%

daronc

1254 Posts

Posted - 05/15/2008 : 7:47:23 PM

Well the new jumbo conforming is only by Freddie... Fannie doesnt allow cash out, only Freddie to 75% LTV with 720+ FICO....

If you are FHA approved FHA jumbo should get you 85% LTV....

Regular Jumbo I am at
75% LTV 5/1 ARM w/PPP 6.25% <PAR>

rortega

952 Posts

Posted - 05/15/2008 : 9:25:17 PM

Richard,

Let me take a shot at this for you.

Loan Amount-$580,000 (73% LTV)
Rate- 7.625% par (max)
Term- 30 year fixed
No I/O
Pricing includes impounds
No Prepayment Penalty
6 mos. PITI required 60 days seasoning
$150,000 max cash
Cash out Refinance
Value-$800,000

Thanks and let me know if you are interested in submitting this one.

bbbbenny

231 Posts

Posted - 05/15/2008 : 9:44:30 PM

My understanding is that Freddie will allow c/o but only a max of $100K to borrower so max loan would be $530K. I know ING has no limit on c/o and will go to 80% c/o to $600K on a sfr, less on condos-you're limited to a 5/1 or 7/1 but 6% to high 5's.

rtrefflich

3414 Posts

Posted - 05/15/2008 : 11:26:01 PM

I priced out something earlier a 30 yr. fixed at Wachovia I think at 7.125 which isn't too bad. Client doesn't need the money and he can get a 30 yr fixed on the $430,00 for 6% as well. I am going to talk to him tomorrow and see what he wants. Client is a long time family friend.

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