95-100 Cashout Stated/Stated No seasoning 680

Who_Kid · #1 (**permalink**) 05-30-2006, 04:38 PM

Need guidance in finding a home for 95-100 Cashout, only been in home for 3 months, Stated/Stated Self Employed borrower with 680 score..

Also, borrower has only 1 active tradeline, which killed it through the first lender. Lots of closed tradelines with balances paid off in full.

Who_Kid · #2 (**permalink**) 05-31-2006, 10:00 AM

Even anything where I can do a first and second??? Help

muwate · #3 (**permalink**) 05-31-2006, 12:01 PM

The no seasoning is a problem.

I'm with JLM, and the numbers work 95-100, but the seasoning is going to bring out an appraisal problem...Usually, lesser of the current appraised value or the last sales price.

Do you have some numbers that could help us help you?

What state are you in?

Loan amount?

Condition of the closed tradelines. We can work with one open, depending on the condition of the closed.

Michael

Who_Kid · #4 (**permalink**) 05-31-2006, 01:32 PM

What happened is this.. Home was bought for 200, then basement was finished which added 2 conforming bedrooms and 1500 Sq feet in the basement which brought up the value.... The new appraisal is at 240,000..

The old tradelines are all great, all were paid in full with no late pays. I am in Iowa btw.

Thanks