527 mid at 85%LTV-Help needed

[GLOAT]

This Unsub was in final at BNC middle of last month. BNC turned the house down. Unsub has since found a new home, but on the 24th BNC's guidelines changed(Need 550 for 85%). Scenario:

515/527/552
No open/active trades
PP=137K
85%LTV=$116,450
Fill Doc O/O SFR
RURAL
DTI @ 21% w/5K in disposable
Down pmt. of 15% sourced and seasoned
Not a FTHB

The bad:

Private VOR (0X30)
Foreclosure filed 5/2005, but unsub sold home sold in 7/05, prior to sheriff sale
CH. 7 BK discharged 7/02 (Unsub had a house in the BK which ofcouse resulted in a FC filed 7/02)

Any suggestions?

[Greg]

That one is tricky! I would say try Chase Sub-Prime

B2B Portal

Other than that this deal stinks and I would have given up already. 2 foreclosures, bk 7, derog after bk, no re-established credit. BNC probably would have found a reason to td it. Did it go to underwriting?

[GLOAT]

Client is bringing 20% now. Any suggestions on a back up plan in case BNC does "find a reason"?

[Greg]

Maybe delta. BNC should with 20% Heck they closed a 602 stated wage earner last year at 100% with not so great credit.

[nopar]

try novelle they can do 80% with a 520 and try to get an extra 5 percent ltc exception

[GLOAT]

I just wanted to post an update to this scenario. We all are finding out what doesn't work anymore much faster than what still does work.

This loan closed yesterday @ 80%LTV:

No open trades
BNC re-pulled and mid score actually fropped to 519
Purchase - Full Doc - O/O - SFR - Rural
Private VOR
2 FC filings in last 7 years.
Ch. 13 dismissed and converted to CH. 7 in 2002

[mknight]

Was it BNC that you ended up closing it with?

[GLOAT]

Yes it was.

[Greg]

Way to give BNC heck! I bet you fought and fought.