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rneilson
14 Posts |
 Posted - 08/25/2008 : 7:12:08 PM
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I'm looking for a decently priced 5/1 I/O arm on a full doc 80% purchase on a 1,120,000 loan amount. Fico is 780. The dti is slightly high only due to the fact the buyer still holds his current residence, which is listed and still comes out at a 44 dti with both homes. If someone will consider the market rental on this residence as a comp factor it would wash the mortgage obligation and he would have a 31% dti. Reserves are good at 150k, all retirement though so he does not intend to put more $ down.
Bob Neilson
Broker, Castle Funding
818-874-9999 |
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williamspeaking
4058 Posts |
Posted - 08/25/2008 : 7:14:48 PM
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| sounds like a decent deal for one of the big banks. |
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rneilson
14 Posts |
Posted - 08/25/2008 : 7:43:55 PM
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| I agree that one of the big banks would normally do this but the rates I am finding are all in the 8's. Union Bank has a good product but long turn times, and First Fed of CA is the only other one I know of that has a good 5/1 arm but they are 40% dti no more. |
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AmerisaveBroker
94 Posts |
Posted - 08/25/2008 : 8:30:51 PM
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quote:
Originally posted by rneilson
I'm looking for a decently priced 5/1 I/O arm on a full doc 80% purchase on a 1,120,000 loan amount. Fico is 780. The dti is slightly high only due to the fact the buyer still holds his current residence, which is listed and still comes out at a 44 dti with both homes. If someone will consider the market rental on this residence as a comp factor it would wash the mortgage obligation and he would have a 31% dti. Reserves are good at 150k, all retirement though so he does not intend to put more $ down.
Bob Neilson
Broker, Castle Funding
818-874-9999
I can do it through Countrywide for 7.125% to 7.875% pretty easily. Or I can do a 1 mil 1st through Sunstrust for 6.375% with half the cost and do a concurrent piggy through Wachovia for the remainder. Let me know if I can help. This what I would be doing if it were my loan personally. |
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