Have to broker out another loan.
Construction to Perm
Perm requirements:
Primary Residence
Stated Income
90% LTV
Remaining 10% of loan to come from HELOC
Credit score 713
Looking to do a 5 Year Interest Only Fixed Rate or
30 Year Fixed or
7/1 ARM
No PMI
Modular Construction
2007-03-05 10:53:31 · 4 answers · asked by Corporate Banker 2 in Business & Finance ➔ Renting & Real Estate
North Carolina.
Best rate so far is 6.625, but with PMI.
2007-03-05 11:35:16 · update #1
Just called Indy Mac. They require 2 months of bank statements showing twice the amount of your income in cash flow. So if you make 50k a year, you have to show 100k moving in and out of your bank account. This is not a "stated" program. They are just making you show your income in another manner.
2007-03-05 12:13:04 · update #2
Only serious answers please. No more "Bob" answers. Thank you.
2007-03-05 12:48:10 · update #3
The asker, the first 3 posters and the 6th poster are violating the rules in this forum.
The asker claims that he works for Wachovia Mortgage and his friends claim they work for other mortgage companies. Are all of you hiding in this forum because you feel that the Government will not find you here? Aren't there any other forums you guys can hang out in or even the nearest Starbucks? Don't worry - not every Crown Vic or Impala has an undercover banking regulator looking to bust you.
{EDIT} How about no more violations of the Community Guidelines in this forum.
2007-03-05 12:35:26 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You might have a tough time getting this loan approved. Is the builder also the borrower. I've had Citi and Countrywide both deny a file because the builder was also the borrower. Citi claimed it was a Non-Arms Length Transaction and Countrywide claimed it was a conflict of interest. Good luck
2007-03-05 14:31:47 · answer #2 · answered by newportshoresjd 2 · 1⤊ 0⤋
Try Indymac Bank.
www.indymac.com
2007-03-05 11:06:40 · answer #3 · answered by mongo1611 2 · 0⤊ 0⤋
what state are you in.
send me an email and i'll get some info to you to see if i can help you
2007-03-05 10:57:37 · answer #4 · answered by cmruffin1 2 · 1⤊ 0⤋
try richard tocado in charlotte...?
2007-03-05 11:07:54 · answer #5 · answered by swimmyfishy 4 · 0⤊ 0⤋