FL: Refi: 756 Fico: 850K Loan Amount

execdecision · #1 (**permalink**) 01-03-2006, 06:11 PM

Hello,

I am currently working on the following scenario and came across your information via the mortgage grapevine and was curious if this is a loan you can do:

Scenario:

Florida
Refinance - Rate/Term
SFR
Full Doc
Self Employed
Fico Mid: 756
Appraised Value: $866,000
Loan Amount: $850,000
LTV: 98%

Borrower currently has a 6.5% Home Equity Loan and wants to refinance at a 5.5%, possibly even buy down the rate if possible.

If you can help, please contact me.

Sincerely,

execdecision
mgeiger_@dgeiger1.clearwire.net

Greg · #2 (**permalink**) 01-04-2006, 05:20 AM

That seems like a loan that needs to split to an 80/18.

Did you investigate that?

Jumbo is rare to find 100% 1 loan or let's say over 95%. You normally cannot find more than that and the MI is outrageous if you do.

Did you look at New Century Prime? Also I guess Aurora has some of the same investors possibly. Same type of program.

Thanks for that info Nick!

aaright4u · #3 (**permalink**) 01-14-2006, 05:36 PM

For me to research this scenario, I need the following info;

1) Monthly income;
2) Monthly minimum debt payments

I'll see what I can come up with. Please visit my website @ www.aasbs.biz, click on mortgage link, 3rd from top.

Thank you,

Angela Anderson
818.435.4788
818.726.6496