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AtlanticPacificR
29 Posts |
 Posted - 07/19/2008 : 12:04:06 AM
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I have a dillemma with a purchase i have been trying to get approved for my close friend. We were originally going to put the mortgage under his fiance's name because he works under the table and she makes roughly 30k/yr. They have a family member who is a deputy commissioner of philadelphia police making 92k/yr.
The problem i am having with the girl is she had a bk that was discharged over 2 years ago but she did have 1 late on a credit card after the bk which has been causing problems with every lender ive submitted the deal to.
Question is, could i switch the girl off the loan, put my friend on(with no income, just an LOE explaining his income is under the table), and use the family member for his 92k/yr income as the coborrower?
Ficos: girl(30k/yr):574, my friend:591(0 documented), coborrower:646(92k/yr)
DTIs work great, Phila, PA deal, FHA, 97% LTV, 190k LA, Property is worth 225-250k, they got a good deal on the property...
Any help would be appreciated. I have to get this loan done for my buddy.
Thanks in advance..
Bobby Cohen
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jvanpetten
2111 Posts |
Posted - 07/19/2008 : 05:49:12 AM
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1 late on a credit card got her declined? That would surprise me. Was it one 30 day late? There has to be more to the decline. I just had one approved with a good letter of explanation, but my credit score was higher. She must have something else that is preventing her score to be low. Possible to increase her score?
Who is the family member? Hers or His? You can't use his income, but if he is his family member, I would put him on the loan.
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AtlanticPacificR
29 Posts |
Posted - 07/19/2008 : 08:26:13 AM
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the 30 day late came after she was discharged from BK. dont have time to repair her score as settlement is on august 15th and we are running out of time. The Uncle is my friends Uncle.. My friend being the male in the situation who works under the table. I understand wont be able to use his under the table income but im getting the picture that with FHA theyll allow me use the Uncle as a non occupying co-borrower for his income on the loan. The Uncle pulls 92k/yr so we dont even need anymore income on the loan.
Any help would be appreciated... appreciate the help guys...
Thanks in advance......
Thanks,
Bobby Cohen |
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jvanpetten
2111 Posts |
Posted - 07/19/2008 : 08:32:58 AM
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I would submit it to another lender with all three on the loan. Just show his job and income as a compensating factor, don't use it in the DTI. You need a good LOE on the credit card late after BK. Everyone makes a mistake, even after a BK. 1X30 after a BK has NEVER gotten a decline for me. As I said, I just had one with lates after a BK, they were as far as 90 days late. It really depends on the Underwriter, not the lender. Sometimes you get lucky and with a good LOE, they approve it. My client showed more than a LOE, he had back up documents to support his LOE.
Call me, I am working today and would be happy to discuss it further with you.
Jan
205-682-7921 |
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lukeallison
1282 Posts |
Posted - 07/19/2008 : 08:42:49 AM
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Bobby-
Yes, you need to send this in with a great LOE about the late to more lenders. I would not put the girl first on the loan because then you can simply have her removed without having to resubmit the file.
I'll be glad to help you out if you need another option as I work on the retail side of Flagstar. Just call me if I can help. We have a very good UW dept for Govt loans but your credit score may not work for the wholesale side - wholesale has a 580 minimum, retail has a 500 minimum. Anyway, call me if you need something. |
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