90% stated on a 3 family

Hi everyone,

Need a little help here, looking for a lender that will go up to 90% stated I/O on a 3 family owner occ. with a 611 fico. No mortgage lates no collections.

I need something in the 7.5% area. Customer is willing to buy down rate. If anyone has any advice that would be greatly appreciated. Thanks

You can get 90% with several lenders on a triplex OO, The only thing that you did not state is How are you proving your income?

Stated, Full doc (w2’s TAX returns), No DOC,12-24 months banks statements.

This is pertinate info to beable to know if 7.5% is realistic or not.

yeah they are stated self employeed with an accountant letter stating they have been in business for 2+ years. No income in the bank statements or taxes.

With a 611 credit score you are probably looking at some type of ARM that is fixed for the first 2 years. that will give them time to rebuild their credit and refinance to another loan at hopefully a lower interest rate in the future.

7.5% sound high right now but keep in mind that 4 years ago, that would have been a pretty good rate.

Your client can get up to 850,000.00 or 95% LTV I/O with a credit rating of 611 and maybe evn 100% if they are first time home buyers…oh oine thing this is dependent upon which state the home is located in…but in most states this would apply.