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AGreene00
3064 Posts |
 Posted - 11/06/2009 : 07:28:09 AM
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| Customer wants to go ahead and buy house before their current property has sold. Current residence is not going to have 25% equity. Is there an FHA lender that does not require 6 months PITI on current residence? Thanks! |
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AGreene00
3064 Posts |
Posted - 11/06/2009 : 12:42:48 PM
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| I take it that is a No |
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the_mortgage_guy
2628 Posts |
Posted - 11/07/2009 : 03:29:52 AM
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| Looking to use rent, right...WCS Lending...my rep is Rick Smith |
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AGreene00
3064 Posts |
Posted - 11/07/2009 : 05:47:47 AM
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| No, she can DTI with both payments, don't need rent consideration. Just need a lender that won't require 6 months PITI on current residence. |
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Mandyvilla
6392 Posts |
Posted - 11/07/2009 : 06:24:48 AM
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I am assuming this is conventional?
Why not look at FHA? They can refinance once they deal with the other property.
This reminds me of a conversation recently, not directed at the OP, but as a general, "don't be stupid."
Please know servicing lenders will be scrutinizing anyone that has a newly purchased home with a sudden bail. I know someone that just gave a deposition against two other employees for structuring buy and bails for A credit buyers. The loan app was in December 2008 and the closing on the new loan was January 2009. The February payment on the old home was never made. Home foreclosed July 2009. Statements given in August. Depositions for pre-trial in October. Homeowner is now facing charges, as are two employees of a very large bank. Don't even think about going down that slippery slope, especially in this climate. If you have any idea that a bail is about to occur, walk away. Walk away, fast. |
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AGreene00
3064 Posts |
Posted - 11/07/2009 : 06:25:48 AM
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| No, she can DTI with both payments, don't need rent consideration. Just need a lender that won't require 6 months PITI on current residence. |
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AGreene00
3064 Posts |
Posted - 11/07/2009 : 06:29:11 AM
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| it is FHA |
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Mandyvilla
6392 Posts |
Posted - 11/07/2009 : 06:56:40 AM
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| That has to be a lender overlay, because it's not in ML 2008-25. This is the first I've heard of a 6 month reserve. Did I miss a subsequent memo? |
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the_mortgage_guy
2628 Posts |
Posted - 11/07/2009 : 07:42:14 AM
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quote:
Originally posted by Mandyvilla
That has to be a lender overlay, because it's not in ML 2008-25. This is the first I've heard of a 6 month reserve. Did I miss a subsequent memo?
It an overlay ... I did a fact check with all teh 20 or lenders we use and they all are doing eth 6 months now except WCS and possibly Broker FHA. I would call those 2. |
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AGreene00
3064 Posts |
Posted - 11/07/2009 : 08:14:57 AM
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| I'll check out WCS, thanks for your help |
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