580 Market help

GLOAT · #1 (**permalink**) 07-20-2006, 04:04 PM

I just found out today that Wallstreet is saying the value on loans over 90%LTV to Borrowers 580-620 have ZERO value. This is going to result in Guideline changes mainly with Subprime Lenders. I received this news right after packaging the following Loan:

587 mid
Full Doc(9 years job time)
O/O SFR
Purchase
BK Discharged 10/2005
PP=$123.5K
Need 100%LTV (1 Loan or 80/20)
Has Reserves
Private VOR(Pays by cash)
35% DTI(depending on rate)

I have homes for it, but looking for a Lender who likes this loan better than 11% worth.

Any help/direction is appreciated

GLOAT · #2 (**permalink**) 07-20-2006, 04:07 PM

The explanation to this post is:

Rep called after conference call & informed me as of today, if it is not already submitted, I need 620+ score.

Erik · #3 (**permalink**) 07-20-2006, 04:53 PM

Very interesting. Thanks for the heads up.