DiamondLending
26 Posts |
 Posted - 06/23/2008 : 1:28:24 PM
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This file needs to be Manual Underwritten, no DO/DU/AUS reason being is that the credit report shows 90-120 days mortgage late in May 2008. Borrower has not owned a property since October 31st 2007. Mortgage account was closed on November 1st 2007 and we can provide proof with a credit supplement final hud 1 and a property profile. Although Credit Supplement still shows a 30 day late in May, June, and July of 2007 we can provide proof that payments were made during these months and although late but not a 30 day late. Heres the scenario:
95 LTV
Purchase
Full Doc
O/O
SFR
Castaic, CA
Ficos 739, 706, 680, 690, 736 , and 700
Wage-Earner Borrowers
Plenty of Assets (seasoned & reserved)
DTI 32/36
30yr Fixed
Loan Amount 380,000
Purchase Price is 400,000
Other Banks have declined it because they ran it through there own AUS and DO/DU systems and as mentioned earlier this file has got to be manually underwritten
Anyone got anything or advice..? |
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