No disrepect intended, but there are only a handful of investors that will even entertain high LTV NOO financing these days—there aint no mystery in this game anymore…
For example, I know for a 620 FICO, you are capped at 90 going FULL DOC and capped at 70 if your score is > 520.
I know that going stated, investors are capped at 85 with a 640 FICO and 70 with a 560 FICO…
Or that going NO Ratio will allow up to 85 with a 680 FICO—640 will get you a 80—620 will get you 75.
I also know that there isn’t a 100 CLTV NOO program that allow for anything near a 620—If I’m wrong, I’ll send you all my leads that fit into that bucket for freezies…
I trust that you run both a honest and ethical business, I just suggest that you might be a tad confused on the guidelines…if not, make a million because you certainly deserve it (but it sounds more like a red herring then a golden goose to me…)
I didn’t call you a liar—this is what I said, " I trust that you run both a honest and ethical business, I just suggest that you might be a tad confused on the guidelines…"
As I said in my parting comments, I hope I’m wrong and you make a million…
I’m sure that Jeff Wallace your broker/owner of Preferred Choice Mortgage had much to do with the deletion of your past comments on this thread. I would have rather seen you acknowledge that you may have been incorrect with your understanding of the loan products. Deleting them just doesn’t give you much credibilty but maybe this was ordered from the hgher ranks.
I personally dont want to see you leave the forum but hope that you can become and active member that is able to contribute and learn as we all do.
Just curious where you may have been off a bit on the loan program?
You’re a bit late on the thread so I understand that you may not be aware what you’re acknowledging. The issue was whether 100% financing on investments with a 620 full doc or 680 stated was still available. As many of us who specialize in invesment loans know, this was not possible. See below the quote from Dianne
100% Non Owner Occupied Loans - 1-4 unit
Full Doc Loan = Minimum Fico Score is a 620 score.
[2 year work history documented by W’2s or tax returns, bank statements, and paystubs, and debt to income ratio that calculates that the property is affordable to you. Will also include 75% of rental income on properties already owned]
Stated Income = Minimum Fico Score is a 680 score. 12 Month’s of Bank Statements also equal a Full Doc Loan
Minimum 3 trade lines. 24 month credit history required.
No mortgage or rent lates allowed in past 12 months.
Allows 2% seller concession allowed towards closing costs.
Loan amounts up to 1 Million USD. [jumbo loans also available]
3 to 6 months reserves may be required (principle, interest, taxes, and insurance)
This can be in any of the following forms - Cash, Savings or checking accounts, Roth IRA, stock or bond, investment account, 401K
If you are self employed and need a stated loan,
-100% on shorter term loans. [interest only and ARMS]
-95% CLTV (interest only) - 680 credit score
-90% Cashout Refinance (current appraised value
regardless of seasoning) 620 credit score.
Subprime Investor Program for scores under 620 to 100%
Well, I hope it didnt go like that. She seemed genuine in her misunderstanding of the product. My intentions would never be to hurt someone’s business but it needed to be addressed. As Scott said in his post, and I reiderated to him about myself as well, all my 100% financing options that fit those parameters would have been referred over to them.
If there would have been options out there like that, I’d rather see someone get the benefit of getting them done than to tell the client no.
It appears though that the information was incorrect as no one has contacted me about taking on the leads that I could refer them.
You know she was spoken to and mostly likely reprimanded (esp. if she works in a boiler room op)…
I don’t know that gal, but I can ascertain that she was either confused or new—either way and IMHO, it was overkill to call her boss…(we could have squashed this within these walls…she might now be subjected to “consequences not befitting the crime”)
I’m not trying to be argumentative but there is an established chain of command in this forum and I would hope that if I should ever misquote/misfire, etc., that the moderators will bring it to my attention…We have enough lender moderators in this forum, filtering for this type of stuff is not out of the realm…
Busting chops on the forum is one thing—potentially affecting somebody’s income is another…
I truly hope nothing life changing came of this MsClosedLoans…
Thanks for your opinion Scott and I dont take it as arguementative. I thought on it all day about the actions to take and it clearly was the best thing to do. IMHO this would have never resolved itself here on the board. Moderators cant take action against something they are not sure on and the subject was sure to surface again from the interest of future investors inquiring.
You cant compare her interatction with the forum with that of what yourself or any other seasoned vetran would have done. I’d think that most mortgage professionals that misquoted/misfired would have double checked their resources immediately after being questioned by several others. That apparently wasnt the case and I dont believe anyone would have enlightened her.
There was more at stake than just the events that “happen within these walls”. You know the consequences 1 bad real estate transaction can create. Investor loses earnest money, seller doesnt get the proceeds for the sale of the home thus they cant buy a potential new property which means another seller doesnt profit; agents involved dont get a commission, mortgage companies get backed up with work they should have never had, our industry continues to get a bad repuation, and so on and so on. More than 1 person’s income was being jeopordized. The interest of the investors on this board and our industry come first. That’s all I have to say on this.
Why don’t you all get off someone elses case for a mistake, which is why this thing is here,…for learning…and look at yourselves.
It appears from my own work a 100% is possible if you are self employed and have the finance statements to back it, you really dont need credit to do anything when you have the right financial statements and forms in place. Is it possible without it? That may be a bit hard but nothing is impossible, if you think it is then to you it will be.
I don’t believe that the power of positive thinking works when it comes to loan programs. Perhaps you would point us in the direction of where you are getting your 100% LTV NOO loans without using credit.
Well everyone has laid out their thoughts on 100% financing, the poster that was wrong was reprimanded here and probably by her boss so let’s not drag it out anymore. NR folks deserve the torture. :beer