Anyone ever worked with a DAP before?
My clients are approved for a $80,000.00 down payment. 30/30 interest free!
Sounds great huh? One problem. Only a full doc 30year fixed is allowed to go in front of it, and only certain lenders will allow a DAP/Community 2nd to go behind their loan. My clients are at a 45% DTI right now. Problem is they have some student loans that are deferred for a couple more years. The DAP ignored them because they are deferred, not so with the lenders I have checked with so far. With the student loans, it raises their DTI to about 65%!
I have a full doc package ready to go. Any help would be appreciated.
Borrower has a 737 fico, and co-borrower has a 738.
Purchased rice is $265,000.00
Loan amount is $185,000.00
I have checked with Indy Mac-No DAP
Vertice-counts defered loans
Country Wide-counts defered loans
BofA-currently not taking new brokers
Any ideas?
Someone has to want this one!
reese
