Help 80/20 Loan, 634 fico, stated/stated purchase

[peter43]

Who will do this deal? I'm running into problems with the occupancy of the complex. THE COMPLEX IS 38% OWNER OCCUPIED.

Purchase Price $393,000
Owner Occupied
LTV 80%
CLTV 100%
State CA
Fico 634
Stated Income Stated Assets
Salaried
1st time buyer
Condo
The Condo Complex is 38% owner occupied
92 of 149 units have offsite mailing addresses

Please help the file is ready to go. I'm sure someone has some advice.

[jvillalobos]

is this a commericial loan?

[HisHouseMortgage]

Sounds like a Non-Warrantable Condo? Try ULR (Unlimited Loan Resources).

[peter43]

They don't lend in california

[Houtan]

I would need to see the package.
is this Condo Conversion?

[The Wizard]

Peter,

I read the last tag line, off-site mailing address? Did you submit this loan to someone who said they would not do it because the mailing addresses are off-site? Where is the property in California? The reason I ask is if the lender is gauging owner occ's by the number of off-site mailing address that is unfair to your borrower many people use P.O. Boxes. Can you ask the HOA if they know the actual amount of people who live there you might have a larger ratio than you think.

[Paulyedward]

Try Mila 1-800-332-6452. If you haven't used them before, ask the operator to direct to to your area loan rep. Good Luck!

Paul Tacheny
Branch Manager
Five Star Mortgage
651-209-9540

[nopar]

mln can do 600 stated 100 percent as long as the trade lines with them make sense

[Greg]

New Century Prime will do it under the Mortgage Mover program. 38% is fine. It allows up to 50% investor concentration.

Low or High Rise
Warrantable or Non

Try that before sub-prime so you can make better premium or get a better rate.