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raeline
165 Posts |
 Posted - 05/22/2008 : 7:34:36 PM
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Last yr i did a no doc loan for my client at 6.125% rate 5yr i/o. I need to refinance her again. She's only been on her job 10 months. Before that she was a stay home mom. She received money to purhcase her home last year and is getting more money to put down on her principle so we need to do a refi.
717 Score 68% Rate & Term She wants a 5.625 rate or better. 30yr fixed
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EquitySmart
1240 Posts |
Posted - 05/22/2008 : 7:43:34 PM
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| It sounds like you need to review the paychecks and W2 and submit the loan to DO or LP to see if you can get the AUS approval that allows only 10 month employment history, since agency manual underwriting guidelines requires 2 years of employment history. |
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joeyostjr
181 Posts |
Posted - 05/22/2008 : 7:43:36 PM
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Why no doc? Where is this money coming from?
If its a good client you might want to see if her bank will modify it with no re approval etc. I had a client that was dead set paying down his balance but needed the lower payment. Flagstar modified it for $100 at his current rate. Might want to try that but that rate is gonna be tough.
Hope this helps. |
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