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SD LO
55 Posts |
 Posted - 11/06/2009 : 12:45:21 PM
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Looking for a lender that would lend 75% on 860 Loan Amount 5/1 ARM IO, existing second would subordinate and be CLTV 85-90. 43 Debt Ratio, 780 FICO, Good Reserves.
US Bank caps 75/75 on their IO product. Any other suggestions where to look? |
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SSINGH88
673 Posts |
Posted - 11/06/2009 : 3:01:00 PM
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| the max is 80% with Stearns on Jumbo...you are not going to be able to find 85% |
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the_mortgage_guy
2628 Posts |
Posted - 11/07/2009 : 03:24:03 AM
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| Do FHA to get cash...5/1 only...loan amunt may not fit? |
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SD LO
55 Posts |
Posted - 11/07/2009 : 09:10:58 AM
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Thanks for responses. I was able to find 85 CLTV with US Bank on portfolio, but would be amortized not IO. Loan amount too high for FHA or conforming. Amortized would be OK if the rate was mid 4's.
It bugs me because I only need the 75 piece and the 75 piece is a good loan, I don't quite get why the lender for the 75 would care if there was a second behind. I could see the caring if app was originating 75/90 all at once could be seen as risky, but the second is already performing here.
Oh well, still searching....appreciate any other ideas. |
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the_mortgage_guy
2628 Posts |
Posted - 11/08/2009 : 07:11:38 AM
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quote:
Originally posted by SD LO
Thanks for responses. I was able to find 85 CLTV with US Bank on portfolio, but would be amortized not IO. Loan amount too high for FHA or conforming. Amortized would be OK if the rate was mid 4's.
It bugs me because I only need the 75 piece and the 75 piece is a good loan, I don't quite get why the lender for the 75 would care if there was a second behind. I could see the caring if app was originating 75/90 all at once could be seen as risky, but the second is already performing here.
Oh well, still searching....appreciate any other ideas.
US BANk Rates are great on 5/1 io though.
No one else willgo that high on ltv on loan amount. Our correspondent cahnnel is 5.5 (0 and 6 is paying 1 so US BANk is definitley a viable option. |
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