| Cash out Scenario - Super Jumbo O/O
Can anyone help me with this one?
-O/O Cash out Refinance in Atlanta
-2 months title seasoning
-Borrower credit score of 654
-SIVA
-Appraised value is $1,850,000
-Loan Amount between $1,572,500 and $1,665,000 (85% to 90% LTV)
-One lien preferred, combo ok.
-Cash out would be @$400,000 (at 90% LTV)
-Borrower has limited trade lines. For traditional trades, we have the mortgage and a credit card (which has reported for 2 months). We also have alternatives trades available in the form of a gym membership and possibly a phone bill that go back 24 months as well as several utility, insurance, cell phone bills, etc that go back 18 months.
I've got a lender willing to do this one with a 660 SIVA to 90% LTV, but they just set up new seasoning rules and now require 90 seasoning for cash out (which the borrower won't have until 10/28). He is heistant about waiting until the end of October to close the loan, so I am looking for anyone who can meet or beat the current lender offer and close without having to have the 90 days seasoning.
Any suggestions?
Thanks in advance to all who respond.
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