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yvonnel41
136 Posts |
 Posted - 07/17/2008 : 8:13:30 PM
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I have a client with 2 scores only and 1 tradeline (auto loan 24 mos) in the mid 700 range,and can do alternative trades like Medical or Vendor if necessary.
He wants to do 1 or 2 things which are an OO Purchase for 615k @90% LTV in CA and can close before 8/5?
Also, could he actually go Stated or CPA Letter??
Second he found an income producing property with a committed Renter at 340k, and wants to know if he can do this at 90% LTV as well.
His priority is the OO, but he feels the NOO is a great prospect and positive cash flow and doesn't want to pass it up if possible.
Being that he is SE what info would be required to close on either or both, and could they realistically close before 8/5?
I know this sounds impossible in today's market,but I have to ask.
Thanks so much!
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aaron1976
606 Posts |
Posted - 07/17/2008 : 11:48:02 PM
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| You might be able to get away with the OO on an FHA program. As for the commercial property if you decide to go that route, I may be able to help depending on the property type and the amount income it produces compared to the expenses. |
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yvonnel41
136 Posts |
Posted - 07/18/2008 : 09:51:56 AM
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Hi:
Thanks for your reply!
The property will produce income via a housing facility for Seniors and Veterans, and more than sufficient.
He is looking at 2-3 properties to do this, so can you email me to provide more details about your products, etc.
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