95% San Fernando Valley Conventional

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rtrefflich

5276 Posts

Posted - 05/22/2008 : 3:48:09 PM

Is there any lender out there who can do 95% conv. in Los Angeles San Fernando Valley. Loan amount $375,000 purchase, 720, full doc BK 11 yrs ago?

Ryan Robertson

247 Posts

Posted - 05/22/2008 : 4:02:41 PM

I can do the loan, give me a call.

peter

7512 Posts

Posted - 05/22/2008 : 8:21:20 PM

Richard, it's better to wait for DU or DO 7 after June 1st
when Fannie has eliminated the 5% declining value and replaced
it with the 5% down payment as a national average instead so
that you won't get hit with the 5% on DU Findings on
conventional loans.

Or you can try www.nbgi.com (National Bankers Group Inc.)
as they do have 3/1 and 5/1 Arm not subject to declining value.
The A/E is Jimmy Flores (jimmy@nbgi.com).

Peter

MortgageBoarder

6790 Posts

Posted - 05/22/2008 : 8:30:15 PM

I'm not sure what program Ryan has, but I'd be interested to hear about it too.

Hopefully after the June 1 changes, an MI company steps up and removes the DM policy as well, then it will be a piece of cake.

waynepbright

4281 Posts

Posted - 05/22/2008 : 8:41:28 PM

ABSOLUTELY RUN DU/LP

bbbbenny

270 Posts

Posted - 05/22/2008 : 9:06:25 PM

First Horizon has already removed the DM and is doing 90% on Jumbo Agency and 95% on true conforming product. I believe someone in our just closed one so they must have an MI company that will insure it.

I would not wait for version 7 of DU. Why take the chance of that file not getting an Approve/Eligible-run it now under 5.7 so you're grandfathered in after 6/1. If you need to for some reason, you can always pull a new case number under 7.0 but after 6/1 version 5.7 is gone forever if you don't already have a casefile id.

daronc

1310 Posts

Posted - 05/22/2008 : 9:32:33 PM

We dont have the declining market hit and havent had the declining market hit as long as it's O/O & SFR only... conforming DU approved/eligible loan

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