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meridian1
376 Posts |
 Posted - 05/21/2008 : 08:45:12 AM
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Here is a scenario that i have. Let me know if this can be done.
Loan Amount $ 60500
Appraisal Value $ 110000
LTV 55%
Rate and term refinance
FICO 589
O/O
SFR
Full Doc
DTI 53%
FL State
Borrower is retired and gets social secuirty benefit of $1140 (without grossing up). email me if you can do it. ravi.inuva@gmail.com
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hoangad
2931 Posts |
Posted - 05/21/2008 : 09:09:04 AM
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| what interest rate are you basing 53% DTI off of? |
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Carpet Muncher
1385 Posts |
Posted - 05/21/2008 : 09:11:03 AM
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| FHA will allow non-occupying coborrowers. Might be a way to get the DTI in line. |
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hoangad
2931 Posts |
Posted - 05/21/2008 : 09:12:36 AM
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why did you mention 1140 not grossed up?
gross it up yes?
is their homeowner's insruance high? see if you can get them a cheap premium. sometiems that helps a little. |
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meridian1
376 Posts |
Posted - 05/21/2008 : 09:12:46 AM
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quote:
Originally posted by hoangad
what interest rate are you basing 53% DTI off of?
6.5% |
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meridian1
376 Posts |
Posted - 05/21/2008 : 09:13:55 AM
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quote:
Originally posted by hoangad
why did you mention 1140 not grossed up?
gross it up yes?
I got 53 DTI after grossing up |
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djorge44
1571 Posts |
Posted - 05/21/2008 : 09:19:57 AM
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| What county? If it is Polk I have a insurance guy who gets killer policies, he saves all my customers a ton of money |
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meridian1
376 Posts |
Posted - 05/21/2008 : 09:37:30 AM
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quote:
Originally posted by djorge44
What county? If it is Polk I have a insurance guy who gets killer policies, he saves all my customers a ton of money
Broward Coounty |
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forklift
180 Posts |
Posted - 05/21/2008 : 10:15:27 AM
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| I just got an accept w/ a FHA jumbo at 55%. |
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meridian1
376 Posts |
Posted - 05/21/2008 : 10:40:14 AM
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quote:
Originally posted by forklift
I just got an accept w/ a FHA jumbo at 55%.
Which lender did you go with?? |
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bramous
970 Posts |
Posted - 05/21/2008 : 11:02:49 AM
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quote:
Originally posted by meridian1
Here is a scenario that i have. Let me know if this can be done.
Loan Amount $ 60500
Appraisal Value $ 110000
LTV 55%
Rate and term refinance
FICO 589
O/O
SFR
Full Doc
DTI 53%
FL State
Borrower is retired and gets social secuirty benefit of $1140 (without grossing up). email me if you can do it. ravi.inuva@gmail.com
What did DU say? |
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Cliff_Auerswald
450 Posts |
Posted - 05/22/2008 : 08:23:24 AM
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if the borrower is min. 62 age this is a Reverse Mortgage, stop trying to qualify him and get a government insured HECM.
Rates as of 5/22/08
HECM Adjustable 3.32%
HECM Fixed Rate 6.06%
JUMBO Rate 5.89%
No payments for LIFE.
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