SIVA, 681, Cash out, DC

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mtel

416 Posts

Posted - 07/08/2008 : 07:20:40 AM

Did everyone bump to 700 minimum on cash-out SIVA's? I did some credit repair...it took longer than anticipated so Bank United's cash-out SIVA at 680 is gone. This is not an AUS reduced-doc findings type of file. IS there anyone left at all?

DC property
O/O cash our refinance
681 mid.
BK 7 (discharged 3/99)
Home is currently free and clear
Seasoned for 3 yrs 11 months
225,000 loan amount
75% LTV (or whatever is available)
Self employed cab driver for 10 years
9 months reserves

Thanks in advance.

M

Layne Jones

1478 Posts

Posted - 07/08/2008 : 08:16:49 AM

I think most people have bumped to 700. Another problem you may have is actually that the home is free and clear though. Do they have any mortgage history in the last 3 years? That is normally a requirement as well. And just a heads up, 70%LTV is probably more realistic.
Good luck in your search...

lukeallison

1409 Posts

Posted - 07/08/2008 : 08:34:02 AM

You can check our wholesale sheets to confirm but on our retail side we can do SIVA cash out to 70% with a 680 score. Yes, you need a 700 to get 75%.

You may also catch a snag on the housing history. Does he own the cab company?

mtel

416 Posts

Posted - 07/08/2008 : 09:00:54 AM

quote:
Originally posted by Layne Jones

I think most people have bumped to 700. Another problem you may have is actually that the home is free and clear though. Do they have any mortgage history in the last 3 years? That is normally a requirement as well. And just a heads up, 70%LTV is probably more realistic.
Good luck in your search...

Thanks Lane. I know Citi is still 680 but I'm not a Citi fan. He owns his own cab. He does have a history though (has a rental property). I agree on the LTV...he'll take what he can get so I just might reduce it.

mtel

416 Posts

Posted - 07/08/2008 : 09:02:37 AM

quote:
Originally posted by lukeallison

You can check our wholesale sheets to confirm but on our retail side we can do SIVA cash out to 70% with a 680 score. Yes, you need a 700 to get 75%.

You may also catch a snag on the housing history. Does he own the cab company?

Interesting! That, I didn't know...I'll see if it applies to wholesale too. He has a strong history though so I'm okay there. Thanks very much.

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