I am fairly new as a loan officer. I would appreciate any information as to completing the following deal:

697 credit
100 LTV

New construction complete “BUilder paying 3 points towards buyers mortgage” purchase $352,000 appraisal $410,000

income $5K job 1 $4K job 2 monthly
Ohio property
*** Customer is flexable with MTA or any 100% product. He plans to refi in 6 months and take advantage of the equity in the form of a new line of credit. Where do I take this deal and why?

I’d also appreciate it if I had a contact number for anyone who doesn’t mind lending their expertise on up and coming deals that I may have. I’ll send holiday gifts to those that can help me get a fast start in the business. :slight_smile:

Are you in Ohio Ike? I am in Cleveland. Southstar Funding has a 100% stated option ARM. 680 minimum fico. If you need 100% interest only stated, I would check out Aurora Loan Services for their 80/20. That would be the 2 places I would take the loan as long as it is possible. Aurora and Southstars seconds are high, but if he will refi in 6 months, he can just refinance his second mortgage. Keep the first. Do a 5/6 interest only at Aurora, they price out the best. If he plans on staying htere and living there for a while, you should go with the interest only for the best interests of your customer. The MTA is not a good loan in general for an Ohio property. There are certain cases, but I would go with the I/O unless he plans on taking the extra money he saves monthly and investing it elsewhere. Good luck!