We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
December 05, 2021, 03:02:54 pm
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
December 05, 2021, 03:02:54 pm
Home Help Search Calendar Login Register

Author Topic: NOO loan needed with 1x30late mortgage in March  (Read 1936 times)

Offline yrush2000

  • Member
  • *****
  • Posts: 1052
NOO loan needed with 1x30late mortgage in March
« on: July 09, 2007, 11:32:30 am »
Anyone handle a loan with a 1x30late in March. This late is in dispute but may take a few more months to be the servicing company to remove it.

As of now, my broker says he can not go over 85% LTV but also has a company he found today doing 90% LTV NO DOC.

I need loan to be NO RATIO perferred or Stated (self employed or W-2 ), stated assets. Need 5-10% downpayment to be non-seasoned as well.

FICO is 696 pulled around June 15th but has the 1x30late. 

Property is a highrise condo in Ft Lauderdale, Fl for 540K purchase price.

Offline Investment Loans

  • Member
  • *****
  • Posts: 1062
    • www.BenCarmona.com
Re: NOO loan needed with 1x30late mortgage in March
« Reply #1 on: July 09, 2007, 02:14:24 pm »
Just a quick glance and noticed 1 lender offers SISA up to 90% with 1x30 in the past 12 months.

Is the condo warrantable?

How many properties do you own?

If you cant verify the down payment then a no ratio program wouldnt be available, you'd need stated assets.  But then you run into stating your income which may be challenging if that's why you were asking for no ratio of income.  Sounds like you really need a no ratio/stated asset program which I've only seen a couple lenders offer a year back. (gone now)
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline Keith Palmer

  • Member
  • ***
  • Posts: 133
Re: NOO loan needed with 1x30late mortgage in March
« Reply #2 on: July 09, 2007, 03:52:57 pm »
I would have to ask the same question as Ben about the # of properties. Although their are programs that allow for unlimited properties, your better rates are tied to a certain max # of properties.

With the market turning to investors right now, lenders are offering some pretty neat programs.

Keith Palmer
American Home Buyer
Licensed in FL only!!
407.580.1998 (cell)/407.571.2297(office)
[email protected]

Offline skydivecock

  • Member
  • ***
  • Posts: 136
Re: NOO loan needed with 1x30late mortgage in March
« Reply #3 on: July 09, 2007, 04:13:29 pm »
yea, I can do this deal to 90% IF the 1x30 was indeed inaccurate. I PM'd you w/ details.
« Last Edit: July 09, 2007, 04:58:18 pm by Mdhaas »

 




SMF 2.0.15 | SMF © 2017, Simple Machines