| Author |
Previous Topic | Next Topic |
|
tomburgerwrm
127 Posts |
 Posted - 06/24/2008 : 1:52:14 PM
|
We are rolling out our 98% purchase in declining markets
- set up as a 90% 1st and 8% 2nd
- For purchases sfr only
- min credit is a 660
- Have to get a DU Approve Eligible
- Rates as low as 7.25% on 1st and 8% on the 2nd
- There is MI on the first of 25% coverage
- DTI's up to 64.99% for strong Fico's
- 3% seller contributions
- Cannot own more than 3 properties total
- States approve for this loan are AZ, CA, CT, FL, MD, MO, UT, and WA
Eamil or call me to go over your scenarios
|
|
loanbroker5
1499 Posts |
Posted - 06/26/2008 : 7:39:25 PM
|
| why on earth would a lender lend 98% with a 660 fico in a declining market? also 64% dti?? that is pretty risky, people are letting there houses foreclose with 20-25% equity every day. I think this product is fabulous for a broker, but if i was a lender I would be more like a 680-700 fico min with a 40% dti tops with those rates |
|
|
subprime
3594 Posts |
Posted - 06/26/2008 : 9:20:21 PM
|
Tom
Are you a wholesale lender or retail? Your website look retail, so was just curious |
|
|
| |
Previous Topic | Next Topic |
|
|
|
Search for: 
