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yvonnel41
140 Posts |
 Posted - 08/06/2008 : 5:06:59 PM
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Hello:
I have a Self-Employed Buyer who lacks bank statement balances for the past 2 years. He is well over 700 on his fico, pays his taxes and can go Full Doc, but the only glitch is that he hasn't put alot of money in the bank. Unfortunately this will most like prevent him from getting a loan.
I wanted to know if anyone has any suggestions, or ideas on how I might possibly get around this issue??
Thanks!
PS: He has an Retirement Account,etc |
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slants
4274 Posts |
Posted - 08/06/2008 : 5:20:32 PM
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| Why would he need bank statement balances for the past 2 years to qualify full doc S/E? Doesn't he just need 2 years tax returns and a VOD showing last 2 months balances sufficient for reserves requirement along with VOD for his retirement? |
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yvonnel41
140 Posts |
Posted - 08/06/2008 : 5:24:55 PM
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LOL, that is exactly what I thought but this one AE told me he would need 2 years Bank statements, and a VOD wouldn't be accepted..I thought I was nuts, and am so glad to get your response as it makes me feel sane again!!
Thank you so much. |
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Scrooge McDuck
8851 Posts |
Posted - 08/06/2008 : 5:26:09 PM
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| woooooooow, he pays his taxes. thats impressive. |
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slants
4274 Posts |
Posted - 08/06/2008 : 5:27:18 PM
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| Yea, just take it to a sane bank. Which lender even still has a bank statement program? |
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enerro
104 Posts |
Posted - 08/06/2008 : 5:33:20 PM
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| Downey is still doing bank statements for portfolio 3/1-5/1(CA & AZ) |
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slants
4274 Posts |
Posted - 08/06/2008 : 5:36:22 PM
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quote:
Originally posted by enerro
Downey is still doing bank statements for portfolio 3/1-5/1(CA & AZ)
Yea, I actually just posted that in another thread, but 24 months statements for a full doc file doesn't sound right, unless the adjusted income on the 1040's are not enough to qualify. |
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mortgagegirl
69 Posts |
Posted - 08/07/2008 : 10:55:20 PM
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| Yvonne, what lender are you dealing with that takes bank statements? I have a file that needs this. Did you mean on top of tax returns, they need b/s? Does Downey do business in IL? Appreciate your help. |
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kellamtom
633 Posts |
Posted - 08/08/2008 : 08:16:12 AM
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http://www.prefercapital.com/
prefer capital has a bk stmtn program but rates are thru the roof
Programs for borrowers with 1, 2, 3, X 30, and 3 X 30 w/ 1X60 in the past 12 months.
#56256;#56377; No borrower paid MI
#56256;#56377; No reserves
#56256;#56377; No seasoning of funds for a purchase.
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slants
4274 Posts |
Posted - 08/08/2008 : 08:41:51 AM
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quote:
Originally posted by kellamtom
http://www.prefercapital.com/
prefer capital has a bk stmtn program but rates are thru the roof
Programs for borrowers with 1, 2, 3, X 30, and 3 X 30 w/ 1X60 in the past 12 months.
#56256;#56377; No borrower paid MI
#56256;#56377; No reserves
#56256;#56377; No seasoning of funds for a purchase.
Tom, their site says they are apoved in 21 states, but does not list them. Do you have any info on that? |
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slants
4274 Posts |
Posted - 08/08/2008 : 08:43:07 AM
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quote:
Originally posted by mortgagegirl
Yvonne, what lender are you dealing with that takes bank statements? I have a file that needs this. Did you mean on top of tax returns, they need b/s? Does Downey do business in IL? Appreciate your help.
http://www.downeysavings.com/mb They only have branches in CA & AZ, don't know ig they lend elsewhere. |
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kellamtom
633 Posts |
Posted - 08/08/2008 : 08:58:02 AM
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download the rate sheets and you'll find the states but here's our ae contact info no broker approval till you submit 1003 & credit
Brian Rowland
Area Sales Manager - Midwest
Preferred Capital
Phone:816-522-7201
Fax:800-254-9847
Email: browland@prefercapital.com
Appraisals: appraisals@prefercapital.com
Pre-Approvals/Pre-Quals/Full File: pres@prefercapital.com
Stips: stips@prefercapital.com
Website: prefercapital.com
THANKS FOR YOUR BUSINESS
Licensed to do business in TX, OR, CO, NE, NM, KS, OK, MO, MN, WI, IL, TN, KY, IN, OH, MI, GA, FL, DE, SC, CT
If you need help with your loans after they have been submitted please call
Kathy Johnson
Broker Coordinator
Preferred Capital
kjohnson@prefercapital.com
800-454-0109
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slants
4274 Posts |
Posted - 08/08/2008 : 09:06:52 AM
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| Thank you Tom! |
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