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Cash out refi

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Barzelmckinney Joined: 05 Sep 2007 Posts: 1 1.57 Dollars($)	Posted: Wed Sep 05, 2007 7:39 am    Post subject: Cash out refi Can anyone help. I have a borrower that needs a cash out refi. On a second property in FL the appraised value is 215000 75%LTV FICO 661 an ARM I/O is okay. The borrower has over 10 properties and fewer than 20. Let me know.Thanks
Dodd Guest 0.10 Dollars($)	Posted: Wed Sep 05, 2007 12:23 pm    Post subject: Barzelmckinney, How is borrower's income? Also let us know about his credit, is it good?
BrianDelaCruz Marketing Dept Joined: 17 Apr 2006 Posts: 156 Location: CALIFORNIA 28.06 Dollars($)	Posted: Thu Sep 06, 2007 3:14 am    Post subject: RE: Hi Barzelmckinney, I have already forwarded the borrower's details to some of our community lenders. Let's see if they help him out with a loan. And, if they are interested, they shall contact you asap. Thanks, Brian Dela Cruz _________________ Get smart home buying tips through Community Booklet
Niicss Joined: 03 Oct 2005 Posts: 1279 Location: New Jersey 191.71 Dollars($)	Posted: Thu Sep 06, 2007 4:28 pm    Post subject: Quote: Can anyone help. I have a borrower that needs a cash out refi. On a second property in FL the appraised value is 215000 75%LTV FICO 661 an ARM I/O is okay. The borrower has over 10 properties and fewer than 20. Let me know.Thanks Does borrower has documentable income? What about the present debt to income ratio? How many years he has taken the mortgage? Which state? _________________ Good is the Enemy of Great.
ezmortgageloanz Moderator Joined: 06 Apr 2007 Posts: 124 Location: National 37.57 Dollars($)	Posted: Sun Sep 09, 2007 4:15 pm    Post subject: From the little you shared, I'm going to assume that your client is an investor (anybody that owns more then 3 properties falls into this category) and has exceeded the Fannie Mae cap on the number of properties owned/mortgaged allowed. There is alot of info I would need to understand to better direct you---to name a few: - FICO - Title Seasoning of property being refinanced - Cash Reserves - How income/assets will be documented - Property Type - REO Schedule - DTI - Does he rent this property out? The last question is the fraud test---the latest fraud trend for investor financing is the mischaracterization of a rental property in order to get better rates/terms (calling a rental property a vacation home). Regards, Scott Miller _________________ National FHA Mortgage Broker www.BadCreditMortgageMakeover.com

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