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Mattrock99
112 Posts |
 Posted - 08/14/2008 : 10:49:24 AM
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Intersting deal came to me yesterday. Not sure if anyone out there can touch this but alas you just can never be sure. Here is the breakdown.
Purchase
Man Home (built 2006)
Full Doc
500's credit score
About $4k in reserves
Good Income and GREAT DTI
Price $65k
Oregon Property
Leasehold Estate (22 years remaining on contract)
Any ideas of how to get this done would be greatly appreciated. The borrower's home flooded and was destroyed. Her and her 3 children are currently living in a camper trailer and desperately need this home that they can easily afford.
Cheers,
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TimmyZ1
701 Posts |
Posted - 08/14/2008 : 11:52:26 AM
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quote:
Originally posted by Mattrock99
Intersting deal came to me yesterday. Not sure if anyone out there can touch this but alas you just can never be sure. Here is the breakdown.
Purchase
Man Home (built 2006)
Full Doc
500's credit score
About $4k in reserves
Good Income and GREAT DTI
Price $65k
Oregon Property
Leasehold Estate (22 years remaining on contract)
Any ideas of how to get this done would be greatly appreciated. The borrower's home flooded and was destroyed. Her and her 3 children are currently living in a camper trailer and desperately need this home that they can easily afford.
Cheers,
What's the credit score specifically and what's the LTV? You can probably take it FHA, I just did a refi in NM via FHA for a mobile home |
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Mattrock99
112 Posts |
Posted - 08/14/2008 : 12:33:19 PM
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Her credit is 585.
LTV is as high as we can get it.
FHA would allow this purchase on a leasehold estate?
I will have to look into that. That could be a life saver.
Cheers,
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TimmyZ1
701 Posts |
Posted - 08/14/2008 : 12:38:48 PM
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quote:
Originally posted by Mattrock99
Her credit is 585.
LTV is as high as we can get it.
FHA would allow this purchase on a leasehold estate?
I will have to look into that. That could be a life saver.
Cheers,
Your life is also a little easier since her credit is a 585 which will bring other FHA lenders into the fray |
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