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bcerino
58 Posts |
 Posted - 08/04/2008 : 1:22:03 PM
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| Not Hard Equity,customer looking to lower payments,SISA, LTV under 60%, Employment Baby Sitter and Home Cleaning. Can't prove income, Under 50% DTI 620 Score. |
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Jimmymackin
635 Posts |
Posted - 08/04/2008 : 1:24:08 PM
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What is their true DTI? Even if it is at 65% or so you can still trigger an Approval b/c the LTV and Loan Type...
Did you try that yet?
I think you don't have a chance if you try SISA... |
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aaron1976
631 Posts |
Posted - 08/04/2008 : 3:48:45 PM
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| Freddie mac still offers stated programs, but you will not get any stated programs with that fico. 680 minimum fico is requires for all stated income loans. |
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AGreene00
2820 Posts |
Posted - 08/04/2008 : 5:18:20 PM
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| 620 SISA? That hasn't been available for awhile now. This is going to have to be hard money. |
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davidfr
1172 Posts |
Posted - 08/04/2008 : 5:35:39 PM
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| Emigrant will do this no doc. |
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bestbet123
1577 Posts |
Posted - 08/04/2008 : 5:39:05 PM
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| If your looking for below 9.5% you're not gonna get it,but I remember seeing a dude on here that offers 9.5 at par on this type of loan.i would look in hard money searches. |
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FundStar14
762 Posts |
Posted - 08/05/2008 : 11:16:20 AM
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| What is the borrowers current rate and is it an ARM that is about to go higher? If you can find someone to actually do the loan (Possibly Emigrant dpending on the state), the rate is going to be very high, so there might not be a net tangible benefit. |
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downtime
228 Posts |
Posted - 08/05/2008 : 3:04:21 PM
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I would suggest they contact the current lender and get a loan modification to a decent rate.
If they cant afford the home, then they should simply put it up for sale.
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