| Author |
Previous Topic | Next Topic |
|
jfink46
295 Posts |
 Posted - 06/30/2008 : 09:30:58 AM
|
| I just tried pricing a deal at US Bank and Amtrust and it came back ineligible for financing. I am trying to do a 75% LTV, Full Doc, 30 Year Fixed rate loan in Texas (my company is licensed there). The client owes $300,000 on the first mortgage, and $45,000 on a HELOC that was obtained after the home was purchased 2+ years ago. I know the laws in Texas are unusual for cash-out, but is my scenario possible on a straight Fannie or Freddie loan? Any input would be appreciated. |
|
jfink46
295 Posts |
Posted - 06/30/2008 : 11:33:33 AM
|
| bump. |
|
|
jfink46
295 Posts |
Posted - 06/30/2008 : 12:27:36 PM
|
| ? |
|
|
smithami
189 Posts |
Posted - 06/30/2008 : 12:31:24 PM
|
quote:
Originally posted by jfink46
?
Homestead cash out - Flagstar
|
|
|
jfink46
295 Posts |
Posted - 06/30/2008 : 12:36:24 PM
|
| Thanks. We are corespondant with Flagstar, but can't do bank business in Texas. Any other recommendations? |
|
|
vburek
522 Posts |
Posted - 06/30/2008 : 1:35:59 PM
|
| in Texas you can do a home equity loan to 80% of the appraised value. So as long as the property will appraise for enough, plenty of lenders should do this loan. What is credit score? App. value? and did they have the 2nd lien for at least 12 months? Since the 2nd is a cashout, you must wait 12 months before you can refi. You can try Taylor Bean and Whitaker, my favorite right now, or Sierra Pacific, Plaza home mortgage and any other A paper lender. |
|
|
jfink46
295 Posts |
Posted - 06/30/2008 : 2:08:37 PM
|
Thanks for the info on the one loan every 12 months, I forgot about that.
Any other feedback would be appreciated... |
|
|
JONGEO
251 Posts |
Posted - 06/30/2008 : 2:45:14 PM
|
quote:
Originally posted by jfink46
I just tried pricing a deal at US Bank and Amtrust and it came back ineligible for financing. I am trying to do a 75% LTV, Full Doc, 30 Year Fixed rate loan in Texas (my company is licensed there). The client owes $300,000 on the first mortgage, and $45,000 on a HELOC that was obtained after the home was purchased 2+ years ago. I know the laws in Texas are unusual for cash-out, but is my scenario possible on a straight Fannie or Freddie loan? Any input would be appreciated.
nope..well at least the bank I work at. Reason because of the heloc is counted as cash out.
nobody wants to touch a TX loan once the customer has pulled cash out. If any one can do this email and I will send you two loans |
|
|
jfink46
295 Posts |
Posted - 06/30/2008 : 2:53:27 PM
|
| Jon - What bank do you work with? I have been told by a couple of people that this can be done, full doc snd good credit. I priced online and got regular cash-out pricing. |
|
|
hherrm
1407 Posts |
Posted - 06/30/2008 : 3:22:17 PM
|
| I just did one like that with Plaza Home Mortgage. Prior cashout was 2 years ago. |
|
|
neil
67 Posts |
Posted - 07/01/2008 : 08:26:44 AM
|
| In TX you can only have one equity loan at a time. As long as he is refinancing both together, and his credit is within FNMA guidelines, this is an easy deal. |
|
|
NetBranchSite
11 Posts |
Posted - 07/01/2008 : 10:15:53 AM
|
| call First Horizon, they do a lot of Texas Cash-outs. Your company must have a physical presence in Texas to put as address on all documentation |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
