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jbelman
254 Posts |
 Posted - 07/17/2008 : 11:38:37 AM
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Hey Guys,
I have a family who wants to purchase a property I own. I want to know if there is any lender who can finance a 95% LTV purchase, Owner Occupied. First Time buyers with a DTI of 60 % . If 60% DTI wont work what DTI will it work? They can get co -signers if need but first want to know if they can qualify.
Sales Price 625K
Property in San Jose,CA Zip CODE 95116. Definetely, Need a 95% LTV. Any lenders that can help out. Thanks in Advance ! |
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liverichly
3853 Posts |
Posted - 07/17/2008 : 11:40:38 AM
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| It's possible on FHA if they have really good credit and good reserves... I do FHA in CA (I'm in South O.C.) so let me know if you want help. |
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jbelman
254 Posts |
Posted - 07/17/2008 : 11:45:20 AM
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quote:
Originally posted by liverichly
It's possible on FHA if they have really good credit and good reserves... I do FHA in CA (I'm in South O.C.) so let me know if you want help.
Send me your email. Great. Thanks :) |
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lukeallison
1392 Posts |
Posted - 07/17/2008 : 11:45:25 AM
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| If you can get that DTI to around 50% with some fairly clean credit scores, then you should be able to get FHA. At that LTV, that's your only option so getsome non owner occupants going. |
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jbelman
254 Posts |
Posted - 07/17/2008 : 11:54:17 AM
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quote:
Originally posted by lukeallison
If you can get that DTI to around 50% with some fairly clean credit scores, then you should be able to get FHA. At that LTV, that's your only option so getsome non owner occupants going.
They are owner occupied. Would that change your DTI ? ? You put Non Owner |
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lukeallison
1392 Posts |
Posted - 07/17/2008 : 12:01:32 PM
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| What I meant was that if the DTI is 60% with the borrowers that you have, FHA will allow for Non-Occupant co borrowers to be on the loan, but not need to occupy the property. If they can find someone with good income, good credit and low debt to co-sign the FHA loan, then it will help their approval process. |
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mganovsky
1937 Posts |
Posted - 07/17/2008 : 12:12:19 PM
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| Just make sure the Non-Occ Co-borrower is a blood relative. |
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jbelman
254 Posts |
Posted - 07/17/2008 : 12:22:32 PM
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quote:
Originally posted by mganovsky
Just make sure the Non-Occ Co-borrower is a blood relative.
ouch dont think so.. Let me see how i work this out . |
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