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mjs0325
193 Posts |
 Posted - 08/05/2008 : 5:13:58 PM
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Who out there is still doing loans for Foreign Nationals in California? I am looking for a lender that will do it with 30-40% down. Any help would be appreciated.
Thanks |
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lvlj
46 Posts |
Posted - 08/05/2008 : 5:31:44 PM
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I got an email from Southtrust funding recently--have you tried them? Here's what he says:
FOREIGN NATIONAL
Full Doc Loan
70% LTV Second Home
70% NOO
30yr fx no pp I/O
one rate 8%
6 mos piti res
No YSP
Intl credit report
SFR,Town Home and PUD's
No Condos Allowed
500K max loan amount
3% Seller's concessions
Here's his contact info:
Brett Barrett
SouthTrust Funding Inc.
800-304-6188 X194
brett@southtrustfunding.com
Supposed to start August 15th.
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dkendall1979
10290 Posts |
Posted - 08/05/2008 : 5:43:47 PM
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I've got $1M minimum loan amount requirement - 55% max LTV
6.5% 5/1 Libor IO - 3yr hard prepay, 6 months interest |
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mjs0325
193 Posts |
Posted - 08/06/2008 : 10:53:13 AM
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| Unfortunately in this case the loan amount would be about $871,000 at 65% and obviously less if he puts even more money down. Thanks for the try though |
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slants
4274 Posts |
Posted - 08/06/2008 : 10:58:37 AM
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quote:
Originally posted by lvlj
I got an email from Southtrust funding recently--have you tried them? Here's what he says:
FOREIGN NATIONAL
Full Doc Loan
70% LTV Second Home
70% NOO
30yr fx no pp I/O
one rate 8%
6 mos piti res
No YSP
Intl credit report
SFR,Town Home and PUD's
No Condos Allowed
500K max loan amount
3% Seller's concessions
Here's his contact info:
Brett Barrett
SouthTrust Funding Inc.
800-304-6188 X194
brett@southtrustfunding.com
Supposed to start August 15th.
Aren't they in FL only? I don't think there are any wholesale programs in CA. Perhaps refer them to a retail bank and see if they will let you bill origination? |
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lvlj
46 Posts |
Posted - 08/06/2008 : 11:19:39 AM
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| Well, I know they are offering it in Nevada. I just emailed him to see what other States they are lending in for the program. His email also said they are coming out with other Foreign National products over the next few weeks, so maybe they will eventually offer higher loan sizes? If I get more info on it, I'll post it in case anyone can use it. |
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mjs0325
193 Posts |
Posted - 08/06/2008 : 11:39:20 AM
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I just spoke to the Rep via email and California will be one of the states as of Aug. 15. I emailed him for guidelines and will post those if he does provide them to me.
Any others out there? |
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lvlj
46 Posts |
Posted - 08/06/2008 : 11:44:21 AM
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| You beat me to it, mjs! Yes, he said they are licensed in 18 states, among them is California and Nevada, so the program will be offered in those states for sure. If I hear of any others I'll post them too. Thanks-- |
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lvlj
46 Posts |
Posted - 08/06/2008 : 11:46:41 AM
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http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=235362
Did you see this other thread, mjs? |
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slants
4274 Posts |
Posted - 08/06/2008 : 11:49:02 AM
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quote:
Originally posted by lvlj
You beat me to it, mjs! Yes, he said they are licensed in 18 states, among them is California and Nevada, so the program will be offered in those states for sure. If I hear of any others I'll post them too. Thanks--
That's GREAT news because Banco Popular left CA also. |
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mjs0325
193 Posts |
Posted - 08/06/2008 : 11:53:09 AM
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| Thanks but like "slants" said, they don't lend in CA anymore and South Trust Funding rep doesn't have guidelines yet. |
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crloan999
74 Posts |
Posted - 08/06/2008 : 11:57:47 AM
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| how about in Texas |
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mjs0325
193 Posts |
Posted - 08/06/2008 : 1:56:12 PM
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| not sure........www.bpnawholesale.com |
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slants
4274 Posts |
Posted - 08/06/2008 : 2:00:38 PM
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quote:
Originally posted by crloan999
how about in Texas
So long as they are not in Orange & Jefferson counties, I think Banco will do 'em:
Due to current pending legislation and licensing issues, we are currently not accepting applications from the following states and counties: AK, AL, AZ, CA, CT, DE, DC, FL, GA, HI, LA, MA, MI, MD, MS, MT, ND, NH, OH, OK, PA, NJ, NY, RI, SD, VT, WY, Orange & Jefferson counties in Texas. |
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