Standalone HELOC Massachusetts

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MALo

215 Posts

Posted - 07/11/2008 : 12:52:12 PM

Stand alone Equity line $100-$150K

CLTV range 60%- 67%

Full Doc.

Credit Scores: 635, 672, 693

DTI range allowed up to 45%

*Other than US Bank*
Thanks,
Jeff

the_mortgage_guy

1194 Posts

Posted - 07/11/2008 : 3:29:10 PM

www.gbhe.com

MALo

215 Posts

Posted - 07/11/2008 : 7:06:47 PM

Thanks John.

Unfortunatly GB requires a 700+ credit score in MA and borrower has a 672.

the_mortgage_guy

1194 Posts

Posted - 07/12/2008 : 10:02:55 AM

I know of another guy that was 660 but just went to 680. 8 points might be very doable with a rapid rescore. There are plenty of servicers here that can help you handle that. The borrower would need to invest approx $100 to do. I know some otehr people like Banker0679 know ways of getting it done more cost effective.

Also, all it may take is lowering 1 balance from lets say $500 to $250 (under 50% of high limit). I have also heard that opting out is worth 10 points but that's hearsay.

https://www.optoutprescreen.com/?rf=t

the_mortgage_guy

1194 Posts

Posted - 07/12/2008 : 10:20:01 AM

Here is info
Ed Skibicki (732) 528-2712
ed_skibick@ml.com
bimaned@optonline.com

Tell em John Bates referred you.

Good luck

MALo

215 Posts

Posted - 07/13/2008 : 03:56:51 AM

Thanks for the great info.

I was looking to get the borrower what they want now but agree I will have to find a few points for the score.

the_mortgage_guy

1194 Posts

Posted - 07/13/2008 : 12:01:48 PM

No Prob. Email me how you make out.