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dmj30064
214 Posts |
 Posted - 08/03/2008 : 2:45:36 PM
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Working on a loan for a cliet looking to purchase a house needing some repairs/upgrages due to holes in sheetrock & some other cosmetics based on the appraiser's report. The work is around $7-10k depending on contractor. The buyer is willing to put down 15%-20% to make the deal work, but I now need a lender that offers the homestyle renovation mortgage to allow for repairs to be completed. I know Flagstar has the program but we are not signed up with them & the also increased minimum score requrements to 680, my guys has 674mid pulled 07/16/2008. Loan details are below:
Appraised Value:260000; based on work completed
Purchase Price:225000
Loan amount: 202500; client can put down more if needed for AUS Approval
LTV: 90
CLTV: 90
Occupancy: Second Home
Loan Purpose: PURCHASE
Loan Type: Conventional/NON-CONVENTIONAL
State: GA
Doc Type: Full DOC
Middle Score: 674mid
Debt Ratio: 30
Seasoning: 36+ months
Mortgage Lates: None
Foreclosure: None
Bankruptcy: None
Tradelines: 4> 3YRS OLD; 10 TOTAL
If you know of any lenders that offer this program your assistance would be greatly appreciated, I'm at 770-896-8043. BO please help a struggling broker out. Thanks in advance!!
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juando67
107 Posts |
Posted - 08/03/2008 : 6:06:49 PM
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| Streamline K |
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dmj30064
214 Posts |
Posted - 08/03/2008 : 6:51:16 PM
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I've heard of the loan program but am not too familar how it works. Also, this is a second home and not owner occupied so I don't believe this will work. Please advise.quote:
Originally posted by juando67
Streamline K
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kmikkola
740 Posts |
Posted - 08/04/2008 : 06:28:11 AM
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| I think Chase offers the Homestyle program. |
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smoothlid
335 Posts |
Posted - 08/04/2008 : 07:20:11 AM
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Freedom Mortgage has a division specializing in this loan.
https://www.freedomrenovates.com/wps/portal/renovation/ |
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dmj30064
214 Posts |
Posted - 08/04/2008 : 09:28:18 AM
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| This *****, I actually don't have Chase nor Freedom anymore. Any other suggestions, I was told Countrywide by someone earlier. Please advise BO, I know they are out there. |
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smoothlid
335 Posts |
Posted - 08/04/2008 : 09:30:58 AM
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aloscig
Mortgage Agent
73 Posts
Posted - 08/04/2008 : 06:53 AM
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Not too sure if your still looking, HCI Mortgage has a separate division that offers 203k lending. This division is licensed in 25+ states. For more information, call me at 570-647-7422 or email me at aloscig@hcimortgage.com.
gsgroupinc
Mortgage Agent
1918 Posts
Posted - 08/04/2008 : 07:16 AM
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It is my primary focus. I market them with emails and lawn signs for REO. 203K are a VERY needed product now. I have a dedicated page (203K) on my site as well.
www.fha203krehab.com
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Steven Fishman CRMS
President
LENDING INTEGRITY APPROVED
G.S. Group, Inc. Mortgage Services
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dmj30064
214 Posts |
Posted - 08/04/2008 : 09:40:46 AM
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| Only issue with FHA 203k loan is that the property is a 2nd home & not owner-occupied. This is why the Homestyle Renovatin loan program is needed. Thanks in advance all for your help. |
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mortgagemagician
33 Posts |
Posted - 08/04/2008 : 10:38:44 AM
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dmj is right. Homestyle Renovation is the only way to go that I know of. 203(k) financing is for owner occupied homes only.
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dmj30064
214 Posts |
Posted - 08/04/2008 : 10:44:08 AM
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| There has to be someone else offering this program. C'mon BO, what are we seeing out there. |
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GBoneske
101 Posts |
Posted - 08/04/2008 : 11:11:51 AM
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| Dijon, I closed one with CW last week like I told you in the email earlier. Just ask your rep about getting set up to deliver homestyle. |
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dmj30064
214 Posts |
Posted - 08/04/2008 : 11:16:04 AM
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The rep I have told me that "after 10 years of being with CW I have not heard of us offering this program". Honestly, I will give the deal to you if you can close it. Karma will take care of me on the back end. The scenario is 100% accurate, no fluff. Please call me at 770-896-8043 as we really need to talk. 4pts to be made.
quote:
Originally posted by GBoneske
Dijon, I closed one with CW last week like I told you in the email earlier. Just ask your rep about getting set up to deliver homestyle.
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bigtnorange
83 Posts |
Posted - 08/04/2008 : 1:32:51 PM
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flagstar still has it
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dmj30064
214 Posts |
Posted - 08/04/2008 : 1:39:45 PM
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THEY JUST INCREASED THEIR MINIMUM SCORE REQUIREMENTS TO 680 FOR UPTO 80% LTV. UNFORTUNATELY, MY GUY HAS 674MID. DO YOU KNOW OF ANY LENDER THAT CAN DO IT WITH THIS SCORE?
quote:
Originally posted by bigtnorange
flagstar still has it
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GBoneske
101 Posts |
Posted - 08/04/2008 : 2:10:33 PM
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| Ok... Well Fork. I will email you tomorrow after my meeting. We will put our heads together again. Might be something I can do for ya. |
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aaron1976
606 Posts |
Posted - 08/04/2008 : 3:45:59 PM
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| M&T offers the program to a 620 Fico. |
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dmj30064
214 Posts |
Posted - 08/04/2008 : 3:50:31 PM
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It appears after being affiliated with 136 lenders that non of the lender mentioned I am signed up with. Guess I will have to get with our Director to sign us us. Thanks all.
quote:
Originally posted by aaron1976
M&T offers the program to a 620 Fico.
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