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Looking For A Stated Purchase Loan In Florida

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mortgagequeen Joined: 17 Jan 2009 Posts: 1 1.61 Dollars($)	Posted: Sat Jan 17, 2009 3:38 pm    Post subject: Looking For A Stated Purchase Loan In Florida Like 0 Dislike 0 I have a borrower with a 700 middle credit score who is interested in purchasing a home using a Stated Loan Program. Borrower has 0 times 30 on their credit cards and primary home mortgage which will be rented out so they can purchase this home. Please let me know who is still doing Stated Loans in Florida and what would the interest rate and the LTV be for a property located in Deland, FL 32720. I have a full file and would like to get it into underwriting this week. Thanks
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.93 Dollars($)	Posted: Sat Jan 17, 2009 7:22 pm    Post subject: Like 0 Dislike 0 Mortgagequeen, If you are not an approved broker for a bank that will do this deal for you then it will be difficult to get this loan done within a week. Typically becoming an approved broker with a particular bank will take some time. Meanwhile, your scenario is a bit confusing. Are they looking for a loan on their primary residence or the investment property? What is the LTV and loan amount? Obviously all of those things will be a deciding factor as to whether your loan meets the bank guidelines. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote

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