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REFI HELP

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Icon Mini Profile sirod





Joined: 31 Jan 2008

Posts: 6

3.26 Dollars($)
Post Posted: Wed Feb 27, 2008 2:14 pm    Post subject: REFI HELP
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I have a borrower with 654 FICO, Owns businesses, and wants to REFI his own home yet the property is in mixed-property area and most lenders wont approve. Loan Amt= 240K/APV=278K. LTV=47 Ratio=49
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Wed Feb 27, 2008 2:27 pm    Post subject:
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Hi sirod,

I think you should contact with the community lenders directly at http://www.mortgagefit.com/unitedstates/

Hope someone will surely help you.

Best of luck,
Larry
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10250
Location: ALASKA
1043.57 Dollars($)
Post Posted: Wed Feb 27, 2008 10:37 pm    Post subject:
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Sirod,

Quote:
the property is in mixed-property area

What exactly do you mean here?

Your FICO score isn't too bad but it isn't that good either. So, being a self-employed person you can go for stated income loans. Know more about such loans at http://www.mortgagefit.com/discuss/about2277.html#statedincome .

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Icon Mini Profile charlesarmbruster
charles.armbruster
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Joined: 12 Oct 2006

Posts: 169
Location: Chandler, AZ
43.85 Dollars($)
Post Posted: Thu Feb 28, 2008 11:04 am    Post subject:
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Yeah, if the property has been re-zoned from residential since he bought it, he will need to get advice from the Title Company. It is possible that the issue can be resolved for the purpose of the financing; otherwise, the property (and possibly the surrounding parcels) may need to be re-zoned....ouch!
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