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wadeger
362 Posts |
 Posted - 10/15/2008 : 12:43:43 PM
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Here is the scenario;
$817,000 Purchase price.... 20% down payment..... borrower mid score 760.... Stated Income.
Borrower has been quoted 6.50% on 30 year fixed. I cannot locate such a loan product. |
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mattyG
301 Posts |
Posted - 10/15/2008 : 12:59:14 PM
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| Sorry, not sure! |
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GSE_
493 Posts |
Posted - 10/15/2008 : 1:06:44 PM
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| Who quoted this to your client. I once quoted to my wife I had a 14 inch "Love Handle", but as she later found out, just because it was quoted, does not always make it real.......Find out the Broker/Lenders Name. |
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mojojojo_1
838 Posts |
Posted - 10/15/2008 : 1:18:10 PM
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| quote them something lower and say that was easy huh? then say, lets talk about what is real though, but really, why would you want to work with guy, WOOD |
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EquitySmart
1240 Posts |
Posted - 10/15/2008 : 1:37:02 PM
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| This product is not available to wholesale ... its possibly a retail portfolio product? |
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bfitzbeck
13 Posts |
Posted - 10/15/2008 : 1:38:34 PM
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| Where is the property? |
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wadeger
362 Posts |
Posted - 10/15/2008 : 1:42:34 PM
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| southern california |
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MortgageBoarder
3975 Posts |
Posted - 10/15/2008 : 1:46:50 PM
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| If they are a high end client with Wells or BofA, they MAY be able to get something like this through Private Banking. That is the only outfit that would do anything close to this, especially stated! |
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nowbroker
1364 Posts |
Posted - 10/15/2008 : 2:33:56 PM
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Wells private banking is 7.5% full doc right now.
I think the 6.5% were the points on that stated deal.... |
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caadacjohn
597 Posts |
Posted - 10/15/2008 : 5:03:36 PM
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| 653,000.00 purchase price...could this be an FHA quote? |
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caadacjohn
597 Posts |
Posted - 10/15/2008 : 5:04:42 PM
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quote:
Originally posted by caadacjohn
653,000.00 purchase price...could this be an FHA quote?
I mean after the 20% down...so 653k loan amount |
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beatory
123 Posts |
Posted - 10/15/2008 : 5:20:53 PM
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| It's possible if it's quoted a few days ago. It can be regular conventional loan. |
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ZoolanderMSM
213 Posts |
Posted - 10/15/2008 : 5:53:45 PM
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| Your client is being quoted Fannie Mae Agency Jumbo pricing. If you go on the HUD web site you can see what the loan limit is for your client's county. Your competitor may be quoting without all of the facts. If you cna't do this loan as an Agency Jumbo, then it's a misquote. |
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jpar994
864 Posts |
Posted - 10/15/2008 : 6:30:29 PM
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| not stated |
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kevinloans
469 Posts |
Posted - 10/15/2008 : 7:39:46 PM
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| product does exist, 6.5% 5 year Interest only with a 1 year prepay pays 1 back. do your research. Must have 6x stated income for reserves, CA, WA, OR only. NOT accepting new brokers, haven't been for a year. This forum use to be filled with so much help. What happened? |
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financeone
1635 Posts |
Posted - 10/15/2008 : 8:35:52 PM
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Where? Tell us the Lender. Thanks
quote:
Originally posted by kevinloans
product does exist, 6.5% 5 year Interest only with a 1 year prepay pays 1 back. do your research. Must have 6x stated income for reserves, CA, WA, OR only. This forum use to be filled with so much help. What happened?
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williamspeaking
4058 Posts |
Posted - 10/15/2008 : 9:30:08 PM
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quote:
Originally posted by nuwayventure
NUWAY VENTURE is a consultant company that helps buyers, sellers & brokers find what they need. I have direct contact with LENDERS & PRIVATE INVESTORS that fund, Residential Loans, refis, Commercial Loans, refis, Private Loans, Hard Money, JV, Interest Free Loans, Luxury Homes, refis, Construction Loans, just tell what you are looking for and I will find it for you. This is a ONE STOP SHOP. Please send contact info ASAP.
Lamon Holloway
nuwayventure@cox.net
wow, a cox email....what prestige. |
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pmbjed
90 Posts |
Posted - 10/15/2008 : 9:34:54 PM
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quote:
Originally posted by MortgageBoarder
If they are a high end client with Wells or BofA, they MAY be able to get something like this through Private Banking. That is the only outfit that would do anything close to this, especially stated!
Wells PMB specialty products are not done on a stated basis. |
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gilbert
138 Posts |
Posted - 10/15/2008 : 9:46:21 PM
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| William where are you working now? |
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kevinloans
469 Posts |
Posted - 10/15/2008 : 10:12:54 PM
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quote:
Originally posted by pmbjed
quote:
Originally posted by MortgageBoarder
If they are a high end client with Wells or BofA, they MAY be able to get something like this through Private Banking. That is the only outfit that would do anything close to this, especially stated!
Wells PMB specialty products are not done on a stated basis.
I knew they use to do it often, just like Chase Retail doing stated super jumbo, but this was at least 4 months ago. I know that PNC Bancorp in the east coast does stated high loan amounts on their retail side. Plus there's still many places that do stated HELOCs, but most of these outfits are state specific. Either way, there's a lot of product out there that many people are not aware of including myself. |
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williamspeaking
4058 Posts |
Posted - 10/15/2008 : 11:32:30 PM
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quote:
Originally posted by gilbert
William where are you working now?
Allied Business Schools. When you need to renew your sales/broker license hit me up :) |
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keysfunding
333 Posts |
Posted - 10/16/2008 : 07:21:14 AM
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Buyers are liars. Always. Period. I don't care if they're kin (actually... ESPECIALLY if they're kin!).
I would ask the customer for a GFE and TIL (which will tell you the lender). Tell them to give them an accurate competitive bid, you'll need these things to give them an apples to apples comparison. If they don't have a GFE and/or TIL... they don't have a quote. |
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jengel
295 Posts |
Posted - 10/16/2008 : 08:25:37 AM
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Local branches of BB&T (in N. Virginia) perform 'stated' for their in-house high wealth clients...these loans for any bank are in-house only and portfolio in nature. Wasn't there a provision in the wonderful new Housing Bill that specifies income must now be verified on all submissions? Almost immediately after the passage, DU/DO stopped offering income waivers?
If it is being sold in our secondary markets, income will be verified... |
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hmarton
8 Posts |
Posted - 10/16/2008 : 4:29:20 PM
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If this is a Southern CA loan there is virtually nothing other then FHA and this is not an FHA deal due to the fact that it is stated. The best thing you can do is rework the file and massage it until you get a VOE only approval from DU or LP and that is unlikley now that they have changed the guideline. There is nothing else here that I know of. Anyone else?
I wish there was!
Heather
Marton Financial Group |
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mikepacheco
15 Posts |
Posted - 10/16/2008 : 11:51:25 PM
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It could be me doing that loan. :)
I've made arrangements with a very small lender (3 employees) to sell Agency Jumbo full doc deals using the LP Accept Plus doc waiver. I closed about $13,000,000 last month doing that. :)
I just locked one today at 6.5% 30 year fixed.
And FYI the lender "Kevinloans" was referring to is Pacific Mortgage Capital.
Go get 'em. Their's plenty. |
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kevinloans
469 Posts |
Posted - 10/17/2008 : 12:18:36 PM
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quote:
Originally posted by mikepacheco
It could be me doing that loan. :)
I've made arrangements with a very small lender (3 employees) to sell Agency Jumbo full doc deals using the LP Accept Plus doc waiver. I closed about $13,000,000 last month doing that. :)
I just locked one today at 6.5% 30 year fixed.
And FYI the lender "Kevinloans" was referring to is Pacific Mortgage Capital.
Go get 'em. Their's plenty.
http://www.pacific-capital-mortgage.com/
I'm not referring to Pacific Mortgage Capital. Too funny though, there is an actual "lender" not brokers pretending to be a lender, that's doing this product. Good luck to you on freddie's accept plus, considering they're making it 100x harder now and i couldn't even one to fly on a 40% ltv 780 fico. |
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JV Banker
47 Posts |
Posted - 10/17/2008 : 12:24:03 PM
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| yup there's one bank that still doing this its Bank Of America...SIVA.. |
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fburgh
45 Posts |
Posted - 10/17/2008 : 1:13:13 PM
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WE just got a shock:::: How about FAST & EASY LOAN.
HOUSE PRICE $300,000.
20% DOWN
FICO 785
COUNTYRWIDE sent us back a FAST & EASY LOAN E-APPROVE FOR 180 @ 5.875%
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