I have good friends that are working with a realtor at the moment. Because of some past credit dings their realtor who is a mortgage broker wants them to go into an FHA program I believe their FICO is around 590-600. However the loan amount is limited to the county limit of 160,000. The need to mortgage about 180,000 to 185,000. The value of the home is arount 200,000.any ideas on how to get this done in a covenntional product or will the they have to go to a sub prime product. Their monthly housing expense is going to double I have high back ration but good employmemnt and some assets. Any suggestions would be appreciated.
Washington State Loan. 735 Fico (middle) cash out of $297,000
November 12th, 2010 § Comments Off § permalink
I have a Washington State Loan. 735 Fico (middle) cash out of $297,000 for a total loan amount of $400,000. Value is $500,000. This is a NO DOC loan. The deal is fully packaged and ready to go. I nead a very quick turn around because the borrowers need their money by the 18th. I nead a lender and possibly a co-broker. I have already filled in the GFE for 5 points.
100K and 250K loans needed Immediately!
November 9th, 2010 § Comments Off § permalink
I have someone needing two loans immediately. I hope someone can help with these. First, customer is seeking 100K loan payable within 45 days. The 100K is needed in order to proceed with a 50M loan which he is already approved for and will be granted within 30 days. The 100K is needed within 3 days, July 7th so his deal can be closed. Second, he is also seeking a 250K short term loan for a 57M project in which the 57M has already been granted. The 250K is needed in order to receive the 57M to close his deal.