MikeyMortgages
5 Posts |
 Posted - 09/22/2008 : 8:27:12 PM
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***As you all know there are hardly any loans getting closed these days! We are fully licensed with an FHA Eagle company and are a BANK (Direct Lender)! We still are able to go down to 500 CREDIT SCORES!!! Also...WE CAN DO STATED/STATED & STATED/ VERIFIED DEALS 680 + FICO ABOVE NEEDED***!!!
NO ONE ELSE CAN DO THIS ON THE STREET!!!!
Please, individuals and Brokers are welcome to call or email to discuss what we can do for you!!!
WE CAN CLOSE LOANS WITHIN A WEEK BECAUSE WE ARE A DIRECT LENDER AND HAVE OUR UNDERWRITERS AND PROCESSORS IN HOUSE!
WHETHER IT'S A REFINANCE OR PURCHASE WE WILL GET YOU THE BEST RATE ANYWHERE!
STATED/STATED (SISA) 730 + Scores gets 70% LTV!
STATED/ VERIFIED (SIVA) 680 + Scores gets 75% LTV
97%LTV 3% down Full Doc ( can show income) all day long!
NO ONE ELSE IN THE COUNTRY CAN DO STATED/STATED RIGHT NOW.....WE USE A PRIVATE HEDGE FUND!
Stated Income and Alternative Mortgage Loan Programs 75%LTV STATED/STATED under $417k Loan amount! We can close in 1 week....we are a BANK!!!
SIVA – Stated income verified assets. This has become one of the most popular documentation formats, especially in cases where a fast escrow is needed. Borrower states his/her income but does not have to provide any documentation. Asset document is still needed, but only to show a set amount of reserves. This format is popular among hi-tech executives because of the variable components of their income – bonus, patent pay, ESPP, stock pay, etc. – most of which are highly variable and changes each year, so it’s difficult to document it without inviting unnecessary underwriter scrutiny. While it is technically one step down from FD, most A paper lenders have exceptions where if the borrower’s credit score is high enough, they will accept SIVA documentation and still offer FD pricing. Hey, you CAN have your cake and eat it too!
SISA – Stated income stated assets. You guessed it, in this format, the borrower simply states the income and asset on the loan application, and off it goes. No documentation needed! This makes everyone’s job easy – borrowers, agents, brokers, lenders. Again, this type of reduced documentation usually comes at a slight rate penalty, but with a high enough credit score, I have a number of lenders who can and will waive these penalties. So, for someone with good credit, they can zip through the entire loan process with a SISA submission, and still get the lowest rates on the market. The only thing to be careful about is that SISA guidelines are more conservative when it comes to the amount of money that you can borrow. So, as you approach the higher purchase price (over $1M), super-jumbo loans (loan amounts >$1M) and/or high CLTV (combined loan-to-value of over 85%), SISA loan types may place limitations that FD loan types don’t have.
Here are some Documents we would need to either Refi or Purchase for FULL DOC 500 FICOS AND ABOVE:
One full month's worth of paystubs showing Year to Date earnings
Last 2 years W-2's (salaried income)
For Self Employed Borrowers; Last 2 years tax returns with all schedules (commission, dividend, rental income)
Copies of social security, pension, and/or retirement award letters (if applicable)
Last two months bank statement for all accounts with all pages
Current statements for all investment accounts with all pages
Written explanation for any credit derogatories
Copy of Bankruptcy and discharge paperwork (if applicable)
Divorce decree and any settlement paperwork (if applicable)
Copy of your Drivers License and Social Security Cards.
Name, Address and phone number of your Landlord for the past 12 months.
Copy of your Sales Contract with Listing and Selling Agent phone Numbers
Also, we have the ability to set Broker(s) & Branches as affiliates in our Wholesale Division in most states!
Please call or email me to discuss further!
Thanks!
msmith@cdmtgcorp.com
Office: (631)-393-3966
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