Impossible Scenario

[Gatormate]

Borrower mid -503, Co-borrower mid -581 (B) makes about $5000/month, (C) has no income. There are two mortgages currently in (B) name only and is 1x90, they need to refinance the current first and second mtgs. to be able to stay out of foreclosure. Alot of lenders will use the (C) score, but has to contribute a minimum of 20% of the total income. Will anybody use (C) score without any income to be able to make this work? The state is MO and they need 90%LTV. Loan amount around $205,000. Please offer any assistance you can. Thank you!

[Erik]

You could try First Franklin's "Best Score" program - I don't think it matters how much income the co-borrower has but it does matter that they have been living together for at least 12 months.

[virtualbranch.us]

dosnt novastar take the highest score and any income including roomate income.

[virtualbranch.us]

if the co has a job use the co as the main and use bank deposits to go full doc.

[Gatormate]

unfortunately with First Franklin the co has to contribute at least 20% of the income and she does not work. Thanks anyway, though!

[Erik]

Oh, that's too bad. I didn't know that program had that requirement - sorry.

[Greg]

Yeah you need a 540 too.

I say dead deal. I hope someone else can find something. I could not.