Attn: Mortgage Lenders, Loan Underwriters, Loan Originators, Mortgage Brokers, Mortgage Bankers.
Who can do this loan??????
90% LTV
No PMI
Intrest Only
No Prepay Penalties
Assets verified but not income
Purchase Price 375,000
Appraisal 410,000
One Employer Fulltime for 7+ Years
At Current Residence for 7+ Years
Current home owned Free and Clear
New Purchase is primary residence single family detached New Construction
800 FICO
first 2 trade lines 24+months
3rd trade line 18 months
Serious replies please.
2007-01-12 16:49:47 · 3 answers · asked by MainlandMig 2 in Business & Finance ➔ Credit
-Location New Jersey USA
-Current property currently not listed but will be soon and proceeds will be used to pay off major portion of mortgage
-New Purchase is planned long term residence
-Looking for best solution to transiton to new property
-Income does not meet debt rations when Institutions view both properties as comodities not assets.
2007-01-12 17:27:54 · update #1
What state are they in? How long do they need the money for? Are they looking for hard money, or something more conventional? Are they keeping current residence, and if yes, are they willing to put a 1st Deed of Trust on it in conjunction with this one?
2007-01-12 17:03:29 · answer #1 · answered by Kim K 2 · 0⤊ 0⤋
In order to get NO PMI you need to put 75,000 down. Are you going to do this? You can't count the appraised value as your equity until after you purchase the house. In the lenders eyes you are buying a 375k so you need 20% of the purchase price.
2007-01-13 00:56:45 · answer #2 · answered by ima_averagejoe 3 · 0⤊ 1⤋
I am not sure, but if the criteria you are listing is accurate, you should be able to get one from any lender.
2007-01-13 00:54:58 · answer #3 · answered by Susie 2 · 0⤊ 1⤋