I have a borrower with decent credit score and is trying to purchase a house in NY for around 410k with no money to put down except to show the bank the PITI reserves that he has in the bank.... Is there a bank that can do this loan at a 100% including seller's concession and a 650 mid fico?? stated income verified assetts...think about though..I read that most banks now are changing their guidelines and are not accepting loans with 6% seller's and most of the banks that I dealt with nowadays are not taking 6 they are only giving us 3%
2007-02-28 11:47:55 · 3 answers · asked by lbjose81_gsa 1 in Business & Finance ➔ Renting & Real Estate
I have two lenders that will do 106% as long as the appraisal comes in, and they have three months PITI. I would probably be going NIVA instead of Stated. I would have to check with my AEs about weather or not they operate in New York. Also if this is Non Owner Occupied, they will have to have 6 months PITI. how would you like to co-broker this one?
2007-02-28 12:41:05 · answer #1 · answered by Ron B 3 · 0⤊ 0⤋
Yea I have a lender that will do 6% concessions stated you will need 2 months PITI in the bank it does not have to be seasoned. Remember the house will have to appraise for the loan amount.
2007-02-28 14:57:38 · answer #2 · answered by Paul 2 · 0⤊ 0⤋
Thank you. This is the reason why lenders are closing shop more then ever. Can anyone say repurchase!
2007-02-28 12:50:29 · answer #3 · answered by Anonymous · 0⤊ 1⤋