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gizelle@newerafi
39 Posts |
 Posted - 11/16/2009 : 11:26:46 AM
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Hi Everybody,
Who can do this loan?
My clients want to pull some cash out from their primary residence which they own free and clear and invest the money , here is the whole scenario:
ISSUES/ CONCERNS: stated Self employed (they own a small motel and they have rental properties but they have lots of right offs so their net income is really low)
State: Ca
Borrower Fico: 750
Purchase/Refi: refi cash out
Occupancy: owner
Property Type: sfr
Doc Type: stated
Employment Type: self employed
Appraisal Value: 940,000
Loan Amounts: as much as possible or 70%
LTV: 70%
CLTV: 70%
Program Desired: lowest rate and 30 years fix
Number of properties financed: 3
number of properties owned: 7
Prepay:
Impounds: no
Mortgage Lates: no |
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velecico
6403 Posts |
Posted - 12/28/2009 : 11:09:15 PM
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hudson savings |
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clarenceworley
6788 Posts |
Posted - 12/30/2009 : 12:36:28 PM
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| HCSB won't do Cali. I would try a commercial loan on the motel/rentals. |
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rtmmortgage
50 Posts |
Posted - 01/10/2010 : 7:07:47 PM
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| what kind of rate are they looking for. I have private money that would do that on an interest only in the 7's |
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aaron1976
1374 Posts |
Posted - 01/13/2010 : 1:40:52 PM
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| If there is equity in the motel I will take a look. We are at 55% LTV max on motels. Stated income loans on owner occupied properties is illegal. Income must be verified. We do have a bank statement program but we are at 55% LTV max on refinances. |
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marcdreifuss1
6 Posts |
Posted - 01/13/2010 : 1:44:10 PM
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| emmigrant will do this loan stated @ 70% |
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LEAD SOURCERER
469 Posts |
Posted - 01/14/2010 : 09:04:17 AM
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Hello there Marc.
How you been?...sorry for jumping in on your post gizelle. 
quote:
Originally posted by marcdreifuss1
emmigrant will do this loan stated @ 70%
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