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
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.