| Author |
Previous Topic | Next Topic |
|
Little Timmy
61 Posts |
 Posted - 09/05/2008 : 11:05:18 AM
|
I CURRENTLY HAVE A DEAL THAT WONT GO FHA OR FANNIE MAE.
THIS DEAL IS SUB PRIME ALL DAY.
SFR, PURCHASE, 580 FICO, 90% CLTV
OWNER OCC/PRIMARY, A FEW CONSUMER LATES WITHIN 12 MONTHS
FULL DOC, 28/39 RATIOS,
I DID USE CITI FOR ALL SUBPRIME, BUT THEY NO LONGER OFFER THESE PRODUCTS. WHOLESALE.
CAN ANYONE GET THIS DONE?
T |
|
|
|
Carpet Muncher
1392 Posts |
Posted - 09/05/2008 : 11:08:19 AM
|
| https://www.newsouthfederal.com/wholesale/ |
|
|
Rene Viloria
2450 Posts |
Posted - 09/05/2008 : 11:32:31 AM
|
quote:
Originally posted by Little Timmy
I CURRENTLY HAVE A DEAL THAT WONT GO FHA OR FANNIE MAE.
THIS DEAL IS SUB PRIME ALL DAY.
SFR, PURCHASE, 580 FICO, 90% CLTV
OWNER OCC/PRIMARY, A FEW CONSUMER LATES WITHIN 12 MONTHS
FULL DOC, 28/39 RATIOS,
I DID USE CITI FOR ALL SUBPRIME, BUT THEY NO LONGER OFFER THESE PRODUCTS. WHOLESALE.
CAN ANYONE GET THIS DONE?
citi expanded
T
|
|
|
Scrooge McDuck
15108 Posts |
Posted - 09/05/2008 : 11:36:29 AM
|
| why wont that go FHA? what did the findings say? |
|
|
dkendall1979
13278 Posts |
Posted - 09/05/2008 : 11:38:28 AM
|
SFR, PURCHASE, 580 FICO, 90% CLTV
OWNER OCC/PRIMARY, A FEW CONSUMER LATES WITHIN 12 MONTHS
FULL DOC, 28/39 RATIOS,
This seems to be the picture perfect FHA scenario. Why can't it go? |
|
|
Little Timmy
61 Posts |
Posted - 09/05/2008 : 11:44:23 AM
|
FHA GAVE ME A REFER/REFER
WE HAVE 3 CONSUMER LATES IN THE MOST RECENT 12-24 MONTHS.
SHE ALSO HAD A BK. 36 MONTHS AGO. DISCHARGED 36 MONTHS AGO.
I WAS HOPING TO SEE AN ACCEPT/ACCEPT. SHE'S GOT 30K IS ASSETS.
IT JUST WONT GO.
ANY SUGGESTIONS?
T
quote:
Originally posted by dkendall1979
SFR, PURCHASE, 580 FICO, 90% CLTV
OWNER OCC/PRIMARY, A FEW CONSUMER LATES WITHIN 12 MONTHS
FULL DOC, 28/39 RATIOS,
This seems to be the picture perfect FHA scenario. Why can't it go?
|
|
|
dkendall1979
13278 Posts |
Posted - 09/05/2008 : 11:48:33 AM
|
Lates after BK are a death sentence with FHA.
Don't know of much else on this one. Maybe try another 5% or more down, since she has so much assets.
quote:
Originally posted by Little Timmy
FHA GAVE ME A REFER/REFER
WE HAVE 3 CONSUMER LATES IN THE MOST RECENT 12-24 MONTHS.
SHE ALSO HAD A BK. 36 MONTHS AGO. DISCHARGED 36 MONTHS AGO.
I WAS HOPING TO SEE AN ACCEPT/ACCEPT. SHE'S GOT 30K IS ASSETS.
IT JUST WONT GO.
ANY SUGGESTIONS?
T
quote:
Originally posted by dkendall1979
SFR, PURCHASE, 580 FICO, 90% CLTV
OWNER OCC/PRIMARY, A FEW CONSUMER LATES WITHIN 12 MONTHS
FULL DOC, 28/39 RATIOS,
This seems to be the picture perfect FHA scenario. Why can't it go?
|
|
|
jeanne
32 Posts |
Posted - 09/05/2008 : 11:52:37 AM
|
| I can usually get these approved if I try a 15 yr. |
|
|
Little Timmy
61 Posts |
Posted - 09/05/2008 : 11:56:49 AM
|
TELL ME ABOUT IT.
THE LENDER MIGHT LET 1 LATE SLIDE, WITH A GOOD EXPLANATION, BUT AFTER YOU GOT 2-3, IT GETS QUESTIONABLE.
THEY SEE THE PATTERN
THANK YOU FOR SUGGESTING THE 15 YR TERM.
I'LL TRY THAT.
T.
quote:
Originally posted by jeanne
I can usually get these approved if I try a 15 yr.
|
|
|
jeanne
32 Posts |
Posted - 09/05/2008 : 12:07:46 PM
|
| Let me know if it works. The MI is less for 15 year, make sure you change that. |
|
|
habsfan
704 Posts |
Posted - 09/05/2008 : 3:55:54 PM
|
| also try a 3/1 ARM - LP seems to be approving these alot lately. |
|
|
jamiesmith80
641 Posts |
Posted - 09/05/2008 : 4:01:10 PM
|
| may just try regular fannie/freddie with those assets..if it does approve out..those rate hits will be nothing nice...unless there are no MI companies insuring down to a 580 now days..then i just don't know what the hell im talkin about. |
|
|
nowbroker
2587 Posts |
Posted - 09/05/2008 : 5:05:39 PM
|
[quote][Let me know if it works. The MI is less for 15 year, make sure you change that./quote]
There is NO monthly MIP on a 15 year at that LTV, only a 1.5% up front. |
|
|
808
4508 Posts |
Posted - 09/05/2008 : 6:12:36 PM
|
quote:
Originally posted by Little Timmy
I CURRENTLY HAVE A DEAL THAT WONT GO FHA OR FANNIE MAE.
THIS DEAL IS SUB PRIME ALL DAY.
SFR, PURCHASE, 580 FICO, 90% CLTV
OWNER OCC/PRIMARY, A FEW CONSUMER LATES WITHIN 12 MONTHS
FULL DOC, 28/39 RATIOS,
I DID USE CITI FOR ALL SUBPRIME, BUT THEY NO LONGER OFFER THESE PRODUCTS. WHOLESALE.
CAN ANYONE GET THIS DONE?
T
dont despair, Citi was a 590 min FICO, no exceptions at the end so it wasn't gonna happen there anyway. DKendall is right, lates after a BK will kill your deal in a heartbeat, regardless of LTV, ratios or reserves. Just went thru it myself on a borrower I couldn't get done. With your scenario try Flagstar or Security Atlantic (www.FHAok.com) manual UW and have a really, really good LOX ready & signed by the borrower and hope you get a good UW to look at the loan. |
|
|
velecico
5309 Posts |
Posted - 09/06/2008 : 06:33:07 AM
|
credit repair on the lates |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
