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clos25
419 Posts |
 Posted - 07/08/2008 : 08:50:36 AM
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Are there any lenders out there that will manually underwritte a file with 36 over 48 at 90% LTV cash out.
625 mid
53K in assets
clean mortgage history in the last 36 months
SFR O/O
Originally it got an DU approved with an appraised value of 195K....appraisal came in at 185K and it got a refer. so I lowered the loan amount to meet 90% LTV again and the ratios became lower and it will not get an approve anymore and the lender told me the file does not quaily for manual underwritte. So I am not sure if any lender out there will manual underwrite a file like this with a little high ratios? I got conpensating factors such as clean mortgage history, assets, and going from an ARM to a fixed saving the borrower $400 a month. any help will be appreciated.
Thank you!
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lukeallison
1402 Posts |
Posted - 07/08/2008 : 08:53:09 AM
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| You could try sending that to us. I have seen worse. |
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Clr2close
329 Posts |
Posted - 07/08/2008 : 08:56:05 AM
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Hello Clos25 my name is Damon Laylock from Ideal Mortgage Bankers currently we can get that loan done since its in within our guidelines of allowed ratios (40/48) please email me to discuss further thank you
Dlaylock@idealmb.com |
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liverichly
3927 Posts |
Posted - 07/08/2008 : 09:01:57 AM
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| Yup I've seen Flagstar make exceptions for worse looking files... are you set up with Flagstar wholesale? |
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clos25
419 Posts |
Posted - 07/08/2008 : 09:06:22 AM
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I am not set up with Flagstar and I tried calling an ex rep from Novastar that I works(ed) for Ideal but she is no longer in business.
but it is a full file. |
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clos25
419 Posts |
Posted - 07/08/2008 : 09:13:57 AM
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quote:
Originally posted by Clr2close
Hello Clos25 my name is Damon Laylock from Ideal Mortgage Bankers currently we can get that loan done since its in within our guidelines of allowed ratios (40/48) please email me to discuss further thank you
Dlaylock@idealmb.com
I just sent you an email. |
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TheMoneyStoreguy
301 Posts |
Posted - 07/08/2008 : 11:57:14 AM
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The Money Store can definitely get that one approved for you.
24 to 48 hour turn times.
Call or email to discuss |
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dkendall1979
10123 Posts |
Posted - 07/08/2008 : 12:43:14 PM
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6.5% <2> 30yr fixed, 30 day lock, FHA
This is a no-brainer according to your post.
quote:
Originally posted by clos25
Are there any lenders out there that will manually underwritte a file with 36 over 48 at 90% LTV cash out.
625 mid
53K in assets
clean mortgage history in the last 36 months
SFR O/O
Originally it got an DU approved with an appraised value of 195K....appraisal came in at 185K and it got a refer. so I lowered the loan amount to meet 90% LTV again and the ratios became lower and it will not get an approve anymore and the lender told me the file does not quaily for manual underwritte. So I am not sure if any lender out there will manual underwrite a file like this with a little high ratios? I got conpensating factors such as clean mortgage history, assets, and going from an ARM to a fixed saving the borrower $400 a month. any help will be appreciated.
Thank you!
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