brokers/LOs help w/scenario please

Hello,

I am looking among my network of brokers and lenders for a wholesaler or vendor who can do the following scenario:

Type: O/O SFR
Location: CT
Puropose: Max Cashout
Seasoning: 2 months!
Nuance: Got it from motivated seller at 280k but its worth 320k.
Mid FICO: 680
Doc type: Full Doc
Ratios: 42% Back

So, who can get this guy his cashout (no payoffs, just cash) without the seasoning issue? Will gladly do a HELOC or 2nd. Wholesalers only please, as I am under a no compete clause and cannot split YSP nor commissions with colleagues!

I’m pretty sure Aegis conforming will do that for you. I know they have a rpogram for no seasoning cash-out for rehabs…not sure about undervalued but I do not see why as long as it says he bought it undervalued on the appraisal.

Thanks, Shaun! I actually have Aegis in my portfolio and I will be contacting them today to have this looked up…any one else who has knowledge of any other wholesaler who can do this, please keep the suggestions coming. I appreciate it!

On their portfolio products, Aegis has no seasoning on rehabs but only allows a 10%increase for undervalued properties.

This seems to be a normal conforming loan which any of your Fannie/Freddie products will take care of.

Aegis is not my first choice…like ben noted, they don’t allow for much appreciation.

CITI has no seasoning on all of their products and their HELOC is attractive.

Hey, I love this place. You guys ROCK! I’m calling Aegis and Citi today!
Thanks again!

I would watch out for Aegis…They are likely to jerk you around. They will have you take your time to submit the loan and then call you back in 3 or 4 days and tell you they can’t do it.

Like I said, not sure about the appreciation. The loan I did Ben had a lot more than 10%, but it was from an actual rehab…not just an undervalued property. It was bought undervalue (10k) and had about 30k of work into it. I cashed out to 75% of the new appraised value.

I like Aegis conforming so far…only put 3 loans through there but all 3 were very fast and easy.

Right, I was gonna say, this is not a rehab, just an undervalued O/O SFR property, but still, as long as the appraisal at sale officiates it, maybe this will fly…

If it’s owner occ…no problem.

You can also post a request for “loan scenario” on the mortgage grapevine. Huge board that’s an incredible source for scenario answers!

http://www.brokeruniverse.com/grapevine/