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ubud
34 Posts |
 Posted - 07/13/2008 : 2:17:02 PM
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Here is the scenario-
SIVA or SISA- Los Angeles purchase SFR 490K, legit self employed borrower ( 9 years in biz), 700 FICO, 80%LTV. Borrower has had funds tied up in inventory(classic cars), has had minimal money (20K) in the bank over the last 2 months but is now selling his cars and will have additional 80K in the next week... with another sale pending for an additional 15K which will be recieved in 2 weeks... wants to put offer on a house and does not have time for seasoning. Anyone have any ideas? |
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AGreene00
2820 Posts |
Posted - 07/13/2008 : 2:41:53 PM
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| I had something similiar to this about 6 months ago. We just documented ownership of the vehicle, bill of sale, market value of the car, etc. Like I said, 6 months ago. Not sure it would still fly now, and it wasn't SIVA either. |
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mganovsky
2070 Posts |
Posted - 07/13/2008 : 2:50:52 PM
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| You should not have any problem. Just document every thing. Just like AGREEN00 said. Copy of title or registration to prove ownership and a bill of sale with a copy of the check and deposit slip is fine. Unseasoned funds or large deposits just have to be sourced. |
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SoCalRay
2698 Posts |
Posted - 07/13/2008 : 3:08:08 PM
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Like everyone else said
Show the money trail and should not be an issue |
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