I am currently looking for a lender on a Stated Income loan for a primary residence. The credit score is currently 660 and the loan amount is about 150k. We would like to get a 95 or 100% LTV? One lender I talked to today could only get 90% LTV with 4 points as an interest buy down, seems high to me. I will be out of town on Thursday and will be able to call back on Friday.
Thanks
NDI
4 pts does seem high, specially for a primary residence.
Credit score should be ok for 95-100%. There are a couple other factors for credit other than the score.
I agree- you should be able to get decent terms- there are a lot of other factors involved, so talk to someone knowledgeable who will not try to stick it to you for 4 points.
I forgot to mention that I have owned this home for almost two years and I just completed a major renovation on it. We are currently in the process of moving into it again.
4pts. is pretty high but then again… there may be more to it than the score. Just purely looking at the score, some may do it for at least 1 pt. You can send me a private message and I can direct you to some good and flexible lenders.
Have a Good Evening,
Don’ use whoever quoted you 4 points. Especially for a lame excuse like “interest buydown”. Did he offer you a higher interest rate so you don’t have to pay the points? If not then he is scamming you. You should be able to get this done for 2 points or less like the other gentlemen mentioned.
Mark Forsyth
Charter Funding
What brings your scores to a 660 rather than 720? Any derogs in the last 2-4 years? BKs?
What do you owe on the home right now and what would it appraise for? If you have a bit of equity gained from the renovation you might want to consider just a 2nd mortgage, or refinancing the 1st mortgage to 70-80% LTV and close the 2nd mortgage to 95-100% a few weeks after. The latter usually results in a lower 1st mortgage interest rate, and if your credit is decent no/low-cost 2nd mortgage lenders are plenty.
4 pt is out of control I only charge 2 on the worst deals. LTV restriction seems queer. 8)I can get 100 stated with a 660. I could tell you what the problemisifthere is one by a quick glance at the details of the credit report. 
Drew Richman
JP Mortgage
Alb,NM
There are a lot of creative options for a 650+ score. All depends on the cashflow you are looking for in the deal.
With a credit score like that, SISA “Stated Income Stated Assets” is not hard to do. Some lenders will even go with a FICO lower than that and still do it. Danny