A deal just blew up before my eyes and I could not stop it...

[dead_reggin_storage_fashi]

low appraisals and borrowers only wanting to do fixed rate seconds for me

 

[calveless wonder]

That sucks dude. What's the problem(s)?

well

I had this one deal, appraisal got done yesterday.

Priced it out at 8.0% fixed a couple of weeks ago. W/ all the guideline and rate changes, it's at a 9.25% now. It's still better than her payment adjusting on her, but the woman now wants to "wait" and see if her credit gets better and the rates drop. i tried telling her the reality of the situation w/ subprime, and how if she doesn't act soon, she may not even be able to get a loan at all. 570 FICO, her credit has always been shit. now she wants to rethink the whole thing. I think she'll do it anyways, but i don't know.


My other loan i was ready to submit this week (had it on backburner because i needed 1 month more seasoning on the foreclosure)...i just found out my clients were late on their mortgage in june (the month i was dealing with them).Idiots jeopardized the whole thing. I can do it with a 1x30 but a 2x30 no way. i'd have to wait till october for the other late to fall off. sucks!

 

[dead_reggin_storage_fashi]

well

I had this one deal, appraisal got done yesterday.

Priced it out at 8.0% fixed a couple of weeks ago. W/ all the guideline and rate changes, it's at a 9.25% now. It's still better than her payment adjusting on her, but the woman now wants to "wait" and see if her credit gets better and the rates drop. i tried telling her the reality of the situation w/ subprime, and how if she doesn't act soon, she may not even be able to get a loan at all. 570 FICO, her credit has always been shit. now she wants to rethink the whole thing. I think she'll do it anyways, but i don't know.
!

FHA that shit

95% cash out
credit doesnt matter
reserves mean nothing
(any mortgage lates within 12 months?)
can she show income 2 years?

if so are good from above you are looking at a 30 yr fixed in the high 6s....

 

[calveless wonder]

FHA that shit

95% cash out
credit doesnt matter
reserves mean nothing
(any mortgage lates within 12 months?)
can she show income 2 years?

if so are good from above you are looking at a 30 yr fixed in the high 6s....

DTI sucks...it's like 56% because we were going bank statements and she didnt claim all her money on w2's. we ran it through DU/LP for fannie/freddie and FHA, couldn't get an approval

no lates.

 

[jnevin]

well

I had this one deal, appraisal got done yesterday.

Priced it out at 8.0% fixed a couple of weeks ago. W/ all the guideline and rate changes, it's at a 9.25% now. It's still better than her payment adjusting on her, but the woman now wants to "wait" and see if her credit gets better and the rates drop. i tried telling her the reality of the situation w/ subprime, and how if she doesn't act soon, she may not even be able to get a loan at all. 570 FICO, her credit has always been shit. now she wants to rethink the whole thing. I think she'll do it anyways, but i don't know.


My other loan i was ready to submit this week (had it on backburner because i needed 1 month more seasoning on the foreclosure)...i just found out my clients were late on their mortgage in june (the month i was dealing with them).Idiots jeopardized the whole thing. I can do it with a 1x30 but a 2x30 no way. i'd have to wait till october for the other late to fall off. sucks!

try First Indiana.

 

[chewyxrage]

What kind of fixed interest rate can you get now with over 700 FICO?

 

[jnevin]

What kind of fixed interest rate can you get now with over 700 FICO?

6.5 with enough down.

 

[dead_reggin_storage_fashi]

What kind of fixed interest rate can you get now with over 700 FICO?

get a 10/1 5-2-5 LIBOR IO conforming loan


you will want the interest only

use savings to invest or you can always pay down the prin balance if you would ever want to.

 

[chewyxrage]

6.5 with enough down.

what percent of the total value what I need to put down to get 6.5?

 

[calveless wonder]

what percent of the total value what I need to put down to get 6.5?

you might be able to get it with 10% down........

but you have to pay PMI (private mortgage insurace), which'll cost you another 100-200 bucks at least.

anything less than 20% down and you have to pay PMI.