quote:

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Originally posted by AtlanticPacificRC

FHA
97%LTV
Philadelphia, PA
$190,000 Sales Price (Including $10,000 sellers assist)
Borrower FICO-603 $600/month documentable income
Co-Borrower FICO-656 (Borrowers uncle, non-occupying co-borrower) $7666/monthly income

Credit Scenario:
Borrower has 2 medical collections that are small. Has a credit card that went into collections that was used to pay off a veternarian bill for his dog. I am trying to avoid paying the collections off, i know there are some lenders out there that will turn a blind eye to collections under $2500.

Income scenario:
Borrower is paid $150 per week by check and $500/week by cash. When he started looking for a house is when they budged and started paying him even the small amount by check. before 2 months ago it was all cash. I have a signed LOE by the president of the company explaining how he is paid. Obviously he doesnt have W2's. The co-borrower is deputy commissioner of LNI in Philly and rakes in $92k/yr, more then enough income to cover all his liabilities

Any suggestions, any help at all please write me back asap. Im going to lunch, this loan just bugged me out of the office to roam around aimlessly in center city and find a lunch date to get my mind off of this stupid business.. haha.. please.. im losing it over here.


thanks in advance... this site is the best

Here is the scenario... The borrower is a close friend of mine.

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quote:

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Originally posted by just in kase

have you taken the borrowers income and job of the application, then re-run total score card with only the non-occ buyers income?. the 2500.00 in collection should not be required to be paid off. we would have to prove the realtionship of the non-occ co-borrower.

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