Posted by Shambhu Nath on September 23, 2003 at 09:39:21:
Desk top underwriting is used only for A paper, have you tried sub-prime lenders? Also, one of you and your spouse has higher score, you may just want to use one borrower with stated income. Assuming, loan officer has tried all the permutation and combination, then you can try the cash flow section of this CRE and put a note stating your fico, debt ratio and CLTV for note and seee what kind of yield investor will need on such note. Also, make sure the first lender is okay with the second terms.
To anyone who can help. My wife and I put a contract on a new home back in Feb. this year. Our loan officer looked our credit over and said that he could do the deal with no problem. The problem is we’ve had a ch 7 and a few judements in the past that have been paid off recently. As a matter of fact every lender we’ve tried has run us through the “desktop underwriter” and they all say if we pay off the judgements and outstanding delinquencies they can do the deal. Well we did that and have all the letters to prove it and we still have 15k in the bank but no one seems to be able to do the deal. Now over the last three years I have doubled my income to over 65k bringing our household income to 90k and soon my income will be going even higher since I am about to enter management which carries an even higher salary. We have very little debt, only a student loan @ 144/mo and 2 credit cards with min pymt of $10 each. Both of our vehicles are paid for and in good condition. We will have no problem paying the mortgage of 2500-2900/mo. The home costs $327800.00 (we’re in phase 2) and lesser homes in phase 3 are selling for 70k more making it very possible that after settlement the home could appraise for well over 400k. The home is due for completion around mid to late october. I must also mention that my credit score is low because of my financial past but things are very different now but I can’t seem to convince any lenders of that. So my plea is that someone out there please come to our rescue and help save our dream of home ownership. Would anyone be interested in in taking a 20% 2nd position if we were to refi in 6-8 mos giving a 12% return on the investment or some other means of creative financing that will allow us to save the deal. PLEASE HELP!!!
Re: Need help DESPIRATELY!!! - Posted by Charles Clark
Posted by Charles Clark on September 25, 2003 at 08:59:30:
There are several lenders with programs that will lend you for your home. Some loan officers are just not very familiar with sub-prime lending, you just need to find one that is.
Charles