659 FICO / stated SE / 40% LTV / CO refi / 0x30

Author

Previous Topic | Next Topic

Mfish

133 Posts

Posted - 06/28/2008 : 08:49:55 AM

Here’s the scenario: 659 FICO, stated income, 6 mos. of reserves, owner occupied (he does own a 2nd home on the Jersey shore but that is not the subject), cash out refi, 40% LTV. would like to do a jumbo 700K 1st but if the only way to get it done is a 150K 2nd or HELOC @ 40$ CLTV than that is fine too.

I know there is hard money but this guy is not strapped and the high rate would show no benefit.

He is 150K and credit card which is why his score is 659. He ows his property and casualty insurance company and shows deposits of 20K - 30K a month on bank statements however he wrties virtually all of his income.

Can anyone do something here because of the strong equity position?

jcoggiola

135 Posts

Posted - 06/28/2008 : 09:20:01 AM

Did you try Emigrant? Sounds like something they would do.

Mfish

133 Posts

Posted - 07/07/2008 : 09:38:23 AM

I just left a vm and email for the sales manager for PA. Does anyone have an AE's phone #?

jcoggiola

135 Posts

Posted - 07/07/2008 : 10:45:55 AM

Timothy J. Karamis

Account Manager

Emigrant Mortgage

Cell - (215) 704-4366

Fax - (267) 295-1011

That's the most recent one I have...going back to April..
-Joyce

Mfish

133 Posts

Posted - 07/15/2008 : 11:45:00 AM

Thanks Joyce - looks like they can do something. I got in touch with Tim. Emigrant is one of the only doing the low LTV stated stuff with scores that low. Besides hard money, everyone else wants a 700+ FICO regardless of how low LTV is.

Mfish

133 Posts

Posted - 08/06/2008 : 2:26:37 PM

I spoke with Tim. Unfortunately the borrower is in one of the counties in Pennsylvania (Adams county) that Emigrant does not do.

Does anyone have any other suggestions? Thanks

hoangad

2931 Posts

Posted - 08/06/2008 : 2:52:15 PM

does anyone know off hand if emmigrant does CA?

cornflkchk

121 Posts

Posted - 08/08/2008 : 1:49:44 PM

Would love to take a look at this loan!

Shannon Richards
Sr. Account Executive
Unifund Financial Group
949-244-1205
shannon@unifundloan.com

Previous Topic | Next Topic