loans2go
20 Posts |
 Posted - 02/13/2006 : 06:46:03 AM
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Borrower wants to purchase an O/O, SFR for $70,000 in Oklahoma. His mid score is 617 (could be over 620 now) and wants 100% LTV with 6% seller concessions. He currently owns a rental house and a small primary residence. His mortgages have been reported to the credit bureaus more than 12 months, but less than 24 months. There are NO mortgage lates.
Borrower wants to live in a bigger house. However, there are 2 glitches. There is an old CA state tax lien against the Borrower entered in 2001 (about 5 years ago) which the Borrower claims is not his, and he refuses to pay it. Also, the seller has owned the subject property for only 5+ months, and has completely rehabbed it (seller seasoning issue?).
Income will be by Business Bank Statements as the Borrower has only one account which he uses for both personal and business purposes. Borrower has been self-employed in the same business for many years. Help from the right Lender would be appreciated.
Steve S.
918-639-4181
linked2u@hotmail.com |
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