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cleaner450
85 Posts |
 Posted - 06/10/2008 : 12:03:53 AM
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Mother and daughter purchase.
Both are moving into this home and renting out their current residences.
Mother is older and wants daughter to help take care of her.
760 fico
504LA
full doc
cali deal
70% LTV
OO
SFR
I need a lender that is ok with the mother on the financing or more then 4 properties. This purchase will be the 5th.
Also need 30yr I/O.. Please help and tell me an idea of rate. |
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sfentress2
246 Posts |
Posted - 06/10/2008 : 04:38:00 AM
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| Try Citi or HSBC. It doesn't sound that difficult |
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AGreene00
2816 Posts |
Posted - 06/10/2008 : 04:41:52 AM
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| Does the mother account for the majority of the income? What is the approx value of the house she presently lives in?It certainly might be doable, but most lenders are going to counter this to NOO in today's market. |
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cleaner450
85 Posts |
Posted - 06/10/2008 : 08:22:26 AM
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Yes the mother is about 23K a month and daughter is about 3400 a month. Both their current homes are valued at around 850-900? could be less in this. The new home is purchase at 710K..bank repo. But there are many reasons why they are both moving into this home. It all makes sense.
Any other lender suggestions that are ok with more then 4 homes financed? |
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