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mortgageguy2007
47 Posts |
 Posted - 08/27/2008 : 8:30:48 PM
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I have a guy that wants to buy a primary residence.
Looking for 30 year Fixed
He is a Real Estate Broker
740 FICO
Good 2006 and 2007 tax returns. Over 100k net each year and he is 1040'd. 26% DTI
Has 25% down.
Loan Amount is 350k
Additional 200k reserves.
He said his 08 income is down a bit. Will a lender condition for 8 months bank statemenets rather than just the last two? His last two months show no income. Feedback is appreciated.
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SoCalRay
2698 Posts |
Posted - 08/27/2008 : 8:37:59 PM
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Run DU
It is highly probable the underwriter will ask for a certified Profit & Loss statemrnt for year to date |
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waynepbright
3660 Posts |
Posted - 08/27/2008 : 8:41:49 PM
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Very Likely a done deal - Run DU |
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slants
4274 Posts |
Posted - 08/27/2008 : 11:45:10 PM
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quote:
Originally posted by SoCalRay
Run DU
It is highly probable the underwriter will ask for a certified Profit & Loss statemrnt for year to date
Agreed. '06 & '07 1040's + YTD P&L from his CPA. |
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mortgageguy2007
47 Posts |
Posted - 08/28/2008 : 11:21:47 AM
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Great, Thats what I figured. Thanks to all for the feedback.
-Jeff |
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