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rcelella
58 Posts |
 Posted - 05/30/2008 : 08:14:00 AM
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Looking for a home for a cash out refi to 90% for a 2nd home in NC. Low mid score 780 - need stated income / no doc / anything. Assets to $50K liquid can be verified/seasoned for 2 months. Loan amount $208K. Borrower W-2 and co-borrower S/E 2+ years
Suggestions? |
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lukeallison
1409 Posts |
Posted - 05/30/2008 : 08:55:34 AM
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Renee-
I'm in NC and I can tell you Stated is going to be difficult. Most lenders who even allow it due to state regulations are only going to 80%. I would suggest you tell your borrowers that 80% is the best they may get - cash out or not. If you run the file through LP as full doc at 80%, you should get an Accept+ at that score and then not be required to verify income. That way you get to at least run it full doc and get them a better rate. RBC Centura can do a HELOC up to 89.99% in NC but it has to be full doc. Not sure what their DTI is though. |
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FLhardmoney
252 Posts |
Posted - 05/30/2008 : 09:16:20 AM
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Not sure if this helps but if cash out is their main objective I can do a HELOC to 50k in 2nd position. Let me know if that will work and I'll doublecheck guidelines.
deeles07@yahoo.com |
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