NH Deal 80% LTV 661 Fico

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clarenceworley

4039 Posts

Posted - 05/16/2008 : 5:38:52 PM

Since Chase Subprime is dragging their feet and can't close my deal, I thought I'd run this up the flagpole:

205k value, 164k loan amount
Construction take out loan.
Full Doc, 35% DTI
659 Fico
Bk 7 discharged 1/2007, Foreclosure included in BK.

I have an appraisal certfying completion, Chase wants a CO- which the town does not issue and other unreasonable conditions, Chase isn't funding refi's that don't close by 5/23.Thanks.

New Hampshire Loan- My Co./Branch is licensed in New Hampshire.

Thanks.

MisterVA

6238 Posts

Posted - 05/16/2008 : 6:11:53 PM

First off, see if someone from the town will issue a letter that states that they do not issue COs. Perhaps the Zoning Administrator would be a good place to start. Subprime? Some people here have talked about Accredited being good. I can't vouch for them, but maybe they would be interested.

Scrooge McDuck

8057 Posts

Posted - 05/16/2008 : 6:32:27 PM

i havee never done a subprime w us bank, but i see it at the bottom of their rate sheet. NH is kind of gnarly right now lending wise. i have had some seriously odd UW responses.

clarenceworley

4039 Posts

Posted - 05/16/2008 : 8:29:43 PM

Thanks- I got the CO thing covered, maybe accredited will do it.
Any other lenders?
Thanks

clarenceworley

4039 Posts

Posted - 05/18/2008 : 04:10:18 AM

What other subprime lenders are still in business?

MisterVA

6238 Posts

Posted - 05/18/2008 : 06:57:37 AM

Don't know if you saw this or not, Clarence. http://ml-implode.com/imploded/lender_ChaseSubprime-Wholesale_2008-05-15.html

clarenceworley

4039 Posts

Posted - 05/18/2008 : 5:47:20 PM

Yes, saw it, thanks. That is why I have no intention now of trying to close through Chase. They won't clear the file before they close up shop and the conditions they gave me are impossible to get before they close.

Carpet Muncher

1385 Posts

Posted - 05/20/2008 : 10:57:42 AM

take a gander at US Bank

clarenceworley

4039 Posts

Posted - 05/20/2008 : 11:56:07 AM

Thanks, do you have contact information for a rep at US Bank?

Carpet Muncher

1385 Posts

Posted - 05/20/2008 : 11:59:37 AM