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Kaci2782
29 Posts |
 Posted - 08/21/2008 : 11:02:35 PM
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Yes I have a borrower who got approved LP that can go full doc on a rate/term refi only. She has a 624 mid score, but doesn't have the income to qualify for the loan by herself. Her mother is one of her options, but her mid is only a 571 and was not on the loan at purchase. The borrower wants to add the mother to her loan for income basis. The LTV is 79% of the appraised value 118k. Please let me know if you have any programs out there that can help this client? Thanks in advance :)
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Chris Clark
5966 Posts |
Posted - 08/22/2008 : 08:19:16 AM
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| Possibly FHA... possibly. |
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PHELoanOfficer
90 Posts |
Posted - 08/27/2008 : 7:58:42 PM
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| The mother will have to credit qualify to use her income, and hopefully she's not up to her eyeballs in debt. You should be able to take her FHA. |
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Kaci2782
29 Posts |
Posted - 08/27/2008 : 10:22:11 PM
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| I already know that FHA is not an option, but what happen to those lenders who say we can go down to a 500 mid score? |
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Chris Clark
5966 Posts |
Posted - 09/01/2008 : 5:38:18 PM
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quote:
Originally posted by Kaci2782
I already know that FHA is not an option, but what happen to those lenders who say we can go down to a 500 mid score?
They went out of business while you were in hibernation the past 12 months... |
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jmcguire7
37 Posts |
Posted - 09/01/2008 : 6:36:57 PM
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Fairfield Financial Mortgage Group will do a manual underwrite ... rep is ssalerno36@gmail.com
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Kaci2782
29 Posts |
Posted - 09/01/2008 : 6:52:32 PM
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| No Chris Clark I was not in hibernation because im still getting those emails and the rep tells me that they're not lending in Texas. If it isn't any help please don't reply, thank you! |
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aspiring1
1302 Posts |
Posted - 09/02/2008 : 8:42:24 PM
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quote:
Originally posted by Kaci2782
I already know that FHA is not an option, but what happen to those lenders who say we can go down to a 500 mid score?
Actually FHA could be an option. It depends on the co-borrower's DTI and reasons
for her credit being 570. |
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Kaci2782
29 Posts |
Posted - 09/02/2008 : 9:58:19 PM
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| Too many collections and charge offs. Her DTI is good. |
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Chris Clark
5966 Posts |
Posted - 09/03/2008 : 09:10:40 AM
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quote:
Originally posted by Kaci2782
No Chris Clark I was not in hibernation because im still getting those emails and the rep tells me that they're not lending in Texas. If it isn't any help please don't reply, thank you!
A bit testy are we now?
How about telling your borrower to go pay some bills (on time) and THEN think about buying a house?
Why is your borrower trying to buy a house she can't afford in the first place? |
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Kaci2782
29 Posts |
Posted - 09/03/2008 : 09:24:56 AM
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| Chris are you paying attention to my first post? Probably not. She purchase the house with her husband back in those stated days and know she wants to refi for a better interest rate. Her credit will qualify, but she don't make the money to qualify past the dti limit. That's why im looking for a lender that will use her mother's income to help with her dti, but credit is 9 pts below most lenders. Now do you know any? |
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PHELoanOfficer
90 Posts |
Posted - 09/03/2008 : 09:29:36 AM
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| You're going to need the mother to clean up her credit. There's really no other way around it. |
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Chris Clark
5966 Posts |
Posted - 09/03/2008 : 11:30:15 AM
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I missed the part about it being a r/t, but still, she bought the house during those "stated" days that means she didn't have the money to buy it then.
What's wrong with the husband that keeps him from going on there? |
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Kaci2782
29 Posts |
Posted - 09/03/2008 : 11:48:52 AM
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| They separated, they used his income and reserves to get them in, but now they split up. So that's why she's trying to get a lower interest rate to be more affordable for her and her mother. |
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