need a lender that will do 100% NOO stated with a 690 mid.
the property is a bank owned property and they removed all carpet.
anybody know of a lender that will do this deal ?
thanks
TDD
Yes there are lenders that will do 100% financing. You should speak with a mortgage consultant that specializes in investment loans.
There are several obstacles with high ltv financing so your broker must ask the right questions upfront or you’ll run into problems during underwriting.
Let me know if you need more info.
Although Wall Street and the secondary market are starting to clamp down on stated loans, these loan products are still available in relative abundance.
Here is an example of what you are looking for…
100 CLTV (Combo Loan)
NOO
SISA
Mid FICO of 680
50 DTI
3 Tradelines
Borrower Can Own More Then 10 Properties
Feel free to contact me if you have any additional questions.
Regards,
Actually you’ll get a much better rate if you can do a SIVA (stated income/verified assets)
Couple other points for this program:
You’ll need a continuous 2 year history of employment in the same industry if w2 or poof of being self employed for 2 years.
Negative cash flow may come up with a couple of the lenders that your consultant looks. It would be best to try avoiding a lender that has that restriction.
It requires that you have 6 months of the expected mortgage payment (including taxes/insurance) in liquid assets like checking, savings, 401k, stock, etc Those funds need to have been in your account for at least 2 months.
There’s several other things to look out for.
what you have all overlooked is that the property has no carpet. I have lenders that will do 100%, thats not the problem, when I tell them that the bank has removed all the carpet in the house they say they will not lend on a property that has no carpet.
what I am looking for is a lender that will do 100% and not have to put carpet in. the cost to cure amount is around $2300.
thanks
Would you or the bank be willing to escrow the money for the new carpet? That would solve your problem.
I didn’t overlook it, but I will address it in greater detail now; please advise/be advised:
a. What is the purchase price (I made the assumption that cost to cure represented less then 5% of the purchase price)?
b. What type of property is it? (I assumed that it is a SFR)
c. Expect the appraisal to cost you more. Unlike a conventional appraisal, the appraiser must document current value, repair costs and cost to cure.
Regards,