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 ruben
Joined: 18 Jan 2008
Posts: 3
1.99 Dollars($)
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 Posted: Thu Jan 24, 2008 1:22 pm Post subject: scenario? |
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| I have a scenario..i had an approval with a bank ..however approval for bank #1 no longer exists. they told me the program my client was under no longer exists and she needs a 620 fico now. she has a 609 mid score.....any ideas for a 95%LTV? DTI IS AROUND 50%, CANT GO FHA, WONT QUALIFY BECAUSE OF THE RATIOS. ANy ideas? Suggestions? Banks? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Thu Jan 24, 2008 2:00 pm Post subject: |
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Hi Ruben,
Welcome to the forum.
Can you please inform us about your client’s monthly income and the amount of mortgage that he is will to take? This also will be considered when he is applying for a mortgage.
Best of luck,
Larry |
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ruben g
Guest
0.10 Dollars($)
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| Posted: Thu Jan 24, 2008 2:19 pm Post subject: scenario |
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| i had them approved for $105,000 with 5% down. Loan Amount was @ 99,750. total income was at 2112.00... House payment was set at 1112.62 with Taxes and Ins. included. The thing with this client is that she has a full time job with 2+ yrs and a PT job with a 3 year contract which she just started January 3rd i believe. HomeComings, was willing to accept the 3 Year work contract. so i need to see if i can find someone who`s willing to accept it. already tried equifirst and they declined it by saying she needed the 2 years work history on the 2nd job as well. |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.03 Dollars($)
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| Posted: Thu Jan 24, 2008 11:28 pm Post subject: |
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Did you try fannie mae for an expanded level approval? Fannie mae also has some other non score driven programs for home buyers. Fannie mae will like to see assets and if the credit is not too bad, you should be able to get some type of approval with them.
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Lisa Scherzer
Allpointe Mortgage
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1346
Location: bloomfield, ct
45.00 Dollars($)
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| Posted: Fri Jan 25, 2008 9:36 am Post subject: |
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as i read the scenario, lisa, i was about to say the same thing. obviously you had them in a my community mortgage product, ruben; those credit requirements did change not long ago.
but as lisa mentioned, fannie mae (maybe even freddie mac with the home possible product) will likely come through for you. rates wont be quite as spiffy on an expanded approval product as they are with the regular conforming, but the key is to get the loan itself.
_________________
George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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