FTHB SCENARIO - Who can do this one?

[jworley]

Here's one I thought would be pretty easy, but it has me for a bit of a loop. Here's the scenario:

-O/O Purchase (FTHB) in Georgia
-605 mid score, Full Doc
-Looking for 100% LTV (95% possible if allow for unseasoned funds)
-1 open trade line reporting for 14 months
-Private VOR
-Alternative trade lines are available if needed.
-Borrower is currently CEO of a family owned residential painting business in Atlanta. He took over the CEO position at the begining of 2006. The 5 previous years (2000 to 2005) he worked for the same company, however he was working as 1099. I have 1040's (no W-2's) for 2004-2005 and pay stubs for 2006 YTD.

The lack of trade lines and the FTHB status together seems to be causing problems for most of my subprime lenders.

Any lenders out there who can do this one?
Thanks.

[Greg]

This is the perfect FHA deal. Can you do FHA?

I just got a 19 yr old approve/eligible with 1 14 mo trade, 1 yr employment and gaps in prior history but full time student.

1 trade 1 mo differed student loan
1 trade 11 mo differed student loan

No Rental History Required.

3% Non-Profit Grant
6% Seller Concession

Man I hope you have FHA ability.

[jworley]

You know, my company has FHA approval, but I havn't had a chance yet to really study how FHA works (just closed out my first year in the business). No real training from my company to speak of (I pretty train and educate myself), so where would you recommend for me to go to learn about orginating FHA loans, what they do, etc?

Thanks.