super jumbo loan

ravik · Joined: 07 Sep 2007 Posts: 22 10.42 Dollars($)

hi....i have a super jumbo loan. $2 million purchase,LTV=80%, SFR, O/O, mid score 591, SIVA, CA, Wage earner, need option ARM, hybrid ARM or 5yr fixed ARM products. Borrower is a doctor and earns a lot of money. i know the credit score is too to go SIVA..Just curious, if you know of any lenders who can still dot his loan. Lenders only.
Thanks
Ravi

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Ravi,

Welcome to the forum.

The minimum credit score required to qualify for Stated Income Verified Assets (SIVA) loan is 620. So, the borrower cannot qualify for this type of loan with his mentioned score.

Moreover, with Option ARM and Hybrid ARM loans, the interest rates will vary and this could raise his monthly payments. So, if he can manage the rising payments, then he can opt for any of these loans.

Guest 0.10 Dollars($)

May be the community lenders can help.

ravik · Joined: 07 Sep 2007 Posts: 22 10.42 Dollars($)

Hi Ryan!
Can you give me a list of community lenders who can do this loan. The borrower is even going to go full doc to make this deal work.

Thanks
Ravi

Guest 0.10 Dollars($)

i really don't know who does it actrually. let me find out. i need some time.

livinginnky · Posted: Fri Sep 21, 2007 3:46 pm Post subject:

I've never done one but Wachovia says they do it. It's the only name of a real lender on my list. The rest are brokers and they will say anything. LOL Just joking of course.

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