CA refi, got some questions

COLOANHound · #1 (**permalink**) 07-10-2006, 03:26 PM

This individual has a first and two heloc's. I am trying to refi the first of $640k and one of the helocs for $107K, giving me an 82% LTV. The CLTV is 94%, but I wasn't sure if anyone would allow them to subordinate the remaining heloc.

Non Conf
Self Employed
720+
82% LTV
94% CLTV
Possible Full Doc
Stated verified, more likely

Thanks for the help!

Eric
Clarion Mortgage Capitol

brendo927 · #2 (**permalink**) 07-10-2006, 04:31 PM

It all depends on the lender who has the second HELOC. They have to allow subordination. I've only closed with a subordination and Citizens usually has no problem doing it.

mknight · #3 (**permalink**) 07-11-2006, 10:06 AM

Yeah, as long as that lender will provide subordination agmt, it should be no problem.

Fremont can do that if the borrower has 3 trade lines; 1 rated 12 months with $1,000 balance and 2 others open or closed.

Let me know if I can help, thanks.

jasonm · #4 (**permalink**) 07-14-2006, 01:55 AM

Why dont you put the 1st and 2nd together for a nice 80% loan and do a new 2nd for the left over 2% and 3rd Heloc?...You can get a DU/AU approval with an A paper lender and just show reserves (3 mo. usually) and then get a stated self employed HELOC with Secured funding or National City or whomever.