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djrondeau7
10 Posts |
 Posted - 07/16/2008 : 12:18:43 PM
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I have an full doc o/o 545 mid cash out refi on a SFR in Florida. The house is worth 900K and the borrower needs to do a cash out refi to pay off some debts and refinance the first mortgage. It is about 20% LTV and the ratio's are less than 30%. I was getting approve though DU and LP but no lender will touch this? If anyone out there knows where to take this deal please let me know...
DJ Rondeau
Mortgage Banker
Bay to Bay Lending
501 South Dakota Ave, Suite 2
Tampa, FL 33606
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mganovsky
1679 Posts |
Posted - 07/16/2008 : 12:24:56 PM
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| FHA, there are still lenders out there that will do below 580. I take it that 20% LTV with a value of 900K loan amount should be about $180K. With the low LTV and DTI you should get an Approve. Run it FHA and see what you get. |
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Bird Man
106 Posts |
Posted - 07/16/2008 : 1:28:56 PM
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| If you have an LP Accept you can take this to Chase or Flagstar |
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sbuckman
497 Posts |
Posted - 07/16/2008 : 8:16:27 PM
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| I would think that with that LTV and DTI you would get a system approval. If not, take it manual to First Guaranty or IMC Lending. |
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