Need a refi/cashout, noo, INT. ONLY , 95% cltv,711 fico, no ratio loan. Property is located in Georgia. Total loan amount is $776,000.
Sounds like you are a broker?
Those are some pretty stringent requirements, but the loan should still be possible.
You are looking at going 80/15 or possible 75/20 with the first lien being whatever you want (option arm, 30yr fix, 2,3,5,7 yr ARM) and the second lien in the form of a HELOC. This is the only scenario that will allow cashout to that ltv with no seasoning.
I’d be happy to explain more about these options for you if you’d like.
Are you sure there is an option arm out there for investment properties that does cash out with no seasoning over 75% LTV/CLTV? You may want to check those guidelines again.
95% may be pushing it a bit too. I’m signed up with over 500 different lenders. I’d like to think that I’ve researched just about all of them for this scenario and have only found a couple that would go to 90% for no ratio and no doc.
100%-Full doc yes, but not on sisa or no ratio.
Maybe I missed a lender.
Are you sure there is an option arm out there for investment properties that does cash out with no seasoning over 75% LTV/CLTV? You may want to check those guidelines again.
I agree with Ben. I too have access to a large number of lending institutions and have none that will hit those guidelines.
I agree too- you will probably not find a lender to go to 90%, let alone 95% with these parameters.
I agree that the guidelines may not exactly fit the criteria, but that’s the great thing about working for a direct lender. I am able to get a little creative in order to build a loan that suits my client’s needs.
Remember I said possible 75/20 with the first lien being an option ARM. We would have to discuss the possibilities, but where there is a will there is a way. If you are interested in an option ARM, which you didn’t mention, but if you were, I can explain your options to you. I will never deny a potential customer without first exhausting all possibilities.
Keep in mind I do nothing illegal and I follow the guidelines of my company. But I also know that each loan is different and some loans require creative financing.
Also remember I am first a direct lender, then a broker. I have access to the same companies as most brokers, but my in-house products are VERY flexible. We have some of the best investment property products in the business. The reason brokers are not aware of some our products is because we are a retail lender, not wholesale.
Option ARM aside, this loan should be no problem if you are looking for a 2,3,5,7 yr ARM or 30 yr fix with an Int. Only payment.
Bottom line WCB…you can get your 95% financing under the parameters you’ve mentioned. Some options will be easier than others, but you should be able to finance this home.
If you want to contact me I will be more than happy to work with you. (moderators, please remember he asked for the help 
)
I APPRECIATE ALL OF THE RESPONSE AND I HAVE THIS HANDLED AND AGAIN THANK YOU EVERYONE FOR YOUR HELP.
If you want to contact me I will be more than happy to work with you. (moderators, please remember he asked for the help )
Mark, you do realize that wcb3363 is a LO…right?
Hey Mark,
Is this you? www.CharterFunding.com
(straight off the website)
Background
Charter Funding is the Retail Lending arm of First Magnus Financial Corporation headquartered in Tucson, Arizona. With branch offices throughout the United States, First Magnus is a leader in the conforming mortgage market nationwide and ranks among the top 15 FHA lenders in the entire country.
If so, and you are the retail branch, there’s no way you are writing your own paper. As a matter of fact, they act as a super broker and sell of all their products. Mostly to Countrywide and Washington Mutual.
I’m signed up with First Magnus. Actually have looked at their products quite a bit an know them well. Not to strong on investment products compared to most lenders.
So your saying the pay option arm you can get for investors? Strange, if the retail branch had that, the wholesale side would be sure to offer as well.
An that cash flow arm, which is the only product that has no seasoning, wont even do no ratio. That’s a Chevy Chase product and no way your getting an exception from them.
Any yeah, Charter can broker out to all the same lenders that we have access to, even underwrite for some of the products. But your underwriters would be hard pressed to start making exceptions for those portfolio products that are going to be sold off. And again, many of the brokers on here have access to those same lenders and have all concurred that a loan with those parameters is likely not possible.
This is the correct Charter Funding right? The email addresses to the other branches are the same as yours.
many of the brokers on here have access to those same lenders and have all concurred that a loan with those parameters is likely not possible.
MARK GOT BUSTED! :flush:
Nice research Ben!
I looked at them (First Magnus)can get most of the programs, w/ better parameters, elsewhere.
I did not realize he was a LO. Sorry I missed that.
Most brokers are set up with First Magnus and yes they are our parent company, and our products basically match their portfolio pretty.
You are very correct about the product, but I did say that our guidelines did NOT exactly match the criteria. I also said that the option ARM was a possibility and we could explain the possibilities. It required getting creative, but I saw a way we could make it work. This didn’t involve any exceptions needing to be made to the loans.
I admit I am not as experienced in the mortgage business as a lot of you guys, but I’m hungry for success and will work hard to close any loan I can. If I say something that is incorrect I will be the first to admit I was wrong, but in this situation I did see a chance to close this loan as an option ARM. Obviously not as easy as a conventional ARM or FRM but still possible.
I pride myself in honesty and fair-practice as I hope all you gentlemen do as well. I don’t close a loan unless I feel good about the benefits to my borrower. I also won’t overcharge my borrowers like many brokers do. My goal is to educate my borrowers about the loan they are signing, and even some alternative options for them.
Thanks for all your replies.
I pride myself in honesty and fair-practice as I hope all you gentlemen do as well. I don't close a loan unless I feel good about the benefits to my borrower. I also won't overcharge my borrowers like many brokers do. My goal is to educate my borrowers about the loan they are signing, and even some alternative options for them.
If you truly practice what you preach…,then the success will come.
If you are looking for leads…this is not the place to find them.
Take the time to read the posts and learn from the “seasoned folks”. Do not be afraid to jump in and ask your own questions. The education that you can gain from here is priceless! If someone wants to contact you…they will.
Here’s to your success! 
Investment Loans Ben —
Ben,
You crack me up. It’s been a few months since I’ve been on here (REI a couple times but haven’t frequented this forum for a while). Last time I was on here you were busting someones balls about something similar. I’ve taken a hard screwing by a bad lender before, and have had other times when I was offered one thing only to find out once it’s too late to turn back w/out losing my deal that what was offered wasn’t available. It’s nice to see the aggression busting that.
Not saying Mark was trying to do anything wrong, maybe he wasn’t, but if any of that goes on it’s fun to see people get busted.
Keep it up.
Ben,
Not that I am sticking up for MM, but there are some companies that have a retail side that has products that they do not offer to their wholesale side. Bank of America is notorious for that. I don’t know why they do it, but I am saying that it does happen.
711 FICO, Anything 4-units and less. I have that deal done all day at 90% Financing. Shoot me an email if its of interest. All you need is a simultaneous refinance coordinated.