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dmj30064
236 Posts |
 Posted - 06/27/2008 : 1:58:03 PM
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I am working on a loan & the client owns 4 investment homes in GA besides his primary that is in wifes name, so it doesn't show on his credit or DTI. The question I have is who can do SISA/SIVA with a 1x30 mtg late on a investment home. Can verify two year management history, scenario below:
Appraised Value: 195000
Loan amount: 146250
LTV: 75
CLTV: 75
Occupancy: Second Home/Investment
Loan Purpose: PURCHASE
Loan Type: Conventional/NON-CONVENTIONAL
State: GA
Doc Type: SISA/SIVA
Middle Score: 730
Debt Ratio: 40
Seasoning: 36+ months
Mortgage Lates: 1x30 on investment home in 09/07 due to autodraft discrepancy
Foreclosure: None
Bankruptcy: None
Tradelines: 9> 2YRS OLD
If you can do this loan or know of any lenders that would allow this, please contact me ASAP by office at 678-395-8403. Thanks in advance BO. |
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ss5547
250 Posts |
Posted - 06/27/2008 : 2:50:40 PM
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| No deal there. No MI stated. 15% More DP, Full doc or TD. |
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Captain Mortgage
1745 Posts |
Posted - 06/27/2008 : 2:56:09 PM
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| Did you run it through DU? Maybe you can get an income wavier. |
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dmj30064
236 Posts |
Posted - 06/27/2008 : 3:07:31 PM
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I'm sorry, the LTV was wrong. The client can put down 25% & we can verify assets also. Do you know of any lenders??
quote:
Originally posted by ss5547
No deal there. No MI stated. 15% More DP, Full doc or TD.
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dmj30064
236 Posts |
Posted - 06/27/2008 : 3:08:47 PM
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Who would you suggest using as for lenders? I didn't think about that.
quote:
Originally posted by Captain Mortgage
Did you run it through DU? Maybe you can get an income wavier.
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dkendall1979
10261 Posts |
Posted - 06/27/2008 : 3:53:39 PM
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quote:
Originally posted by dmj30064
The client owns 4 investment homes in GA besides his primary that is in wifes name, so it doesn't show on his credit or DTI.
These "tricks" don't work anymore. Lenders are SEARCHING for reasons to kill stated loans. The properties in his wifes name will come up. You cannot get away with this anymore. Lying on the application will kill this deal. |
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dmj30064
236 Posts |
Posted - 07/07/2008 : 6:06:22 PM
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CLient can still DTI if they count property payment against him. Do you have any suggestions?
quote:
Originally posted by dkendall1979
quote:
Originally posted by dmj30064
The client owns 4 investment homes in GA besides his primary that is in wifes name, so it doesn't show on his credit or DTI.
These "tricks" don't work anymore. Lenders are SEARCHING for reasons to kill stated loans. The properties in his wifes name will come up. You cannot get away with this anymore. Lying on the application will kill this deal.
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dkendall1979
10261 Posts |
Posted - 07/08/2008 : 09:49:43 AM
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I would refer the client to HDTI Financial to try and get the 1x30 late off his credit report. That's about your only hope of getting this loan done.
quote:
Originally posted by dmj30064
CLient can still DTI if they count property payment against him. Do you have any suggestions?
quote:
Originally posted by dkendall1979
quote:
Originally posted by dmj30064
The client owns 4 investment homes in GA besides his primary that is in wifes name, so it doesn't show on his credit or DTI.
These "tricks" don't work anymore. Lenders are SEARCHING for reasons to kill stated loans. The properties in his wifes name will come up. You cannot get away with this anymore. Lying on the application will kill this deal.
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dmj30064
236 Posts |
Posted - 07/08/2008 : 09:50:50 AM
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Just Mortgage, Inc has the program available. Just would like to have more looks.
quote:
Originally posted by dkendall1979
I would refer the client to HDTI Financial to try and get the 1x30 late off his credit report. That's about your only hope of getting this loan done.
quote:
Originally posted by dmj30064
CLient can still DTI if they count property payment against him. Do you have any suggestions?
quote:
Originally posted by dkendall1979
quote:
Originally posted by dmj30064
The client owns 4 investment homes in GA besides his primary that is in wifes name, so it doesn't show on his credit or DTI.
These "tricks" don't work anymore. Lenders are SEARCHING for reasons to kill stated loans. The properties in his wifes name will come up. You cannot get away with this anymore. Lying on the application will kill this deal.
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sfentress2
246 Posts |
Posted - 07/08/2008 : 1:02:08 PM
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| You cant do that deal if he/she owns more than 4 properties |
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engrjon81
383 Posts |
Posted - 07/08/2008 : 1:16:34 PM
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| good luck trying to convince the underwriter that its a "2nd home..." |
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slants
4274 Posts |
Posted - 07/08/2008 : 11:35:47 PM
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quote:
Originally posted by engrjon81
good luck trying to convince the underwriter that its a "2nd home..."
Yea, if he already has 4 other rentals and the property is in state, how is it a 2nd home unless it's at a resort/vacation spot? No way to get it approved as 2nd home. Underwriter will need to know where he lives and its payment & history whether or not it's on his credit. |
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bestbet123
1577 Posts |
Posted - 07/14/2008 : 3:56:09 PM
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| omg slants and i agree,no way your gettin a second home done here,unless the underwriter,qc,and a dozen other people are asleep at the wheel. |
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dmj30064
236 Posts |
Posted - 07/14/2008 : 4:01:43 PM
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Even if its run NOO, thats fine. Guys, I'm not evading the fact the primary is in his wifes name as you can see I mentioned it. How about lining up some lender NOO.quote:
Originally posted by bestbet123
omg slants and i agree,no way your gettin a second home done here,unless the underwriter,qc,and a dozen other people are asleep at the wheel.
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Agent_Mike
375 Posts |
Posted - 07/14/2008 : 4:14:31 PM
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I think there are several banks that can do SIVA/SISA investments - citi/flagstar/central banc/ just mtg/ downey - but your 1x30 late is what will kill the deal. For a stated investment ... and a late, that's not a good combination.
Also - your client already has 4 properties - most banks will want them to have less than 4-5 total financed properties - including the new purchase.
Good luck and be sure to let us know if you find someone that approves it. |
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dmj30064
236 Posts |
Posted - 07/14/2008 : 4:37:09 PM
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I am thinking this deal will have to wait till September until we are outside the 12 months window for the late, but I will still keep a look out & let BO know if I find anything. Thanks.
quote:
Originally posted by Agent_Mike
I think there are several banks that can do SIVA/SISA investments - citi/flagstar/central banc/ just mtg/ downey - but your 1x30 late is what will kill the deal. For a stated investment ... and a late, that's not a good combination.
Also - your client already has 4 properties - most banks will want them to have less than 4-5 total financed properties - including the new purchase.
Good luck and be sure to let us know if you find someone that approves it.
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