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melkz
19 Posts |
 Posted - 05/19/2008 : 4:38:13 PM
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| I'm looking for lenders that still be able to offer this product for someone who is trying to get cash-out on 2 homes that are free & clear.... Stated Retired??? |
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re_manager
2625 Posts |
Posted - 05/19/2008 : 4:42:39 PM
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We may consider depending on FICO and zip code.
Please let me know if I can help.
Thanks |
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privatecash
1787 Posts |
Posted - 05/19/2008 : 4:54:48 PM
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One of our investors just funded an identical loan on an NOO SFR SISA in Garden Grove.
If it's in CA, email details for pricing. |
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aaron1976
636 Posts |
Posted - 05/19/2008 : 5:29:41 PM
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| Freddie Mac has a program designed for this. If your borrower has a good fico and a good amount of assets. Put whatever income you need into DU and see if you get accept plus. You still collect a full doc file but they do not look at the income. |
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coleendoyle
16 Posts |
Posted - 05/19/2008 : 5:31:53 PM
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| What state are they in? |
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financeone
1727 Posts |
Posted - 05/19/2008 : 5:32:15 PM
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| email Dave Kendall, he loves these! |
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financeone
1727 Posts |
Posted - 05/19/2008 : 5:34:30 PM
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| email Dave Kendall, he loves these! |
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EquitySmart
1240 Posts |
Posted - 05/19/2008 : 6:16:46 PM
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Please read this topic to learn why stated retired loans are NEVER a good idea:
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=216690
Please either decline this loan or reduce LTV until you can get AUS approval. |
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AGreene00
2901 Posts |
Posted - 05/19/2008 : 6:23:51 PM
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quote:
Originally posted by financeone
email Dave Kendall, he loves these!
LOL! |
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AGreene00
2901 Posts |
Posted - 05/19/2008 : 6:26:34 PM
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| Can someone explain to me why there are 7 new posts a day asking about stated retired? Was there a lender that everyone used for this up until 3 weeks ago that I didn't know about? Did I miss something? |
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velecico
4209 Posts |
Posted - 05/19/2008 : 8:48:48 PM
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send it to me , will do a cash out on the primary as a reverse |
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Cliff_Auerswald
454 Posts |
Posted - 05/20/2008 : 08:50:27 AM
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quote:
Originally posted by melkz
I'm looking for lenders that still be able to offer this product for someone who is trying to get cash-out on 2 homes that are free & clear.... Stated Retired???
Cash out the primary with a reverse mortgage and the borrower can enjoy no payments for LIFE
Rates as of 5/20/08
HECM Adjustable 3.32%
HECM Fixed Rate 6.06%
JUMBO Rate 5.89%
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WorldWideWayne
2548 Posts |
Posted - 05/20/2008 : 08:55:53 AM
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quote:
Originally posted by velecico
send it to me , will do a cash out on the primary as a reverse
Nick
Are you feeling well? From reading your posts on reverse mortgages I thought you hated them. |
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