Need Loan Program

bizneswoman · #1 (**permalink**) 04-09-2007, 10:25 AM

I have a borrower with 676 and not a lot of credit with average income and co-borrower with 656 and too much credit and moderate income. I need a lender that would take the co-borrower income and not his credit.....

GLOAT · #2 (**permalink**) 04-09-2007, 02:17 PM

Please clarify:

LTV
Doc Type
proposed DTI(I'm assuming this is the "too much credit" part)

As far as using the income and not the credit, every person on a loan has to have their credit evaluated.(To the best of my knowledge)

bizneswoman · #3 (**permalink**) 04-09-2007, 02:47 PM

95% LTV
Full DOC
under 50, Im at 61%

bizneswoman · #4 (**permalink**) 04-09-2007, 02:49 PM

oh yeah, it's N/O/O

GLOAT · #5 (**permalink**) 04-09-2007, 03:14 PM

What percentage are you using for proposed Rental Income?

florida man · #6 (**permalink**) 04-09-2007, 07:07 PM

Hi

dont mean to rain on anyones parade, but what is this deal for? Its a no ratio deal all the way, using the 676 credit, but verifying assets .

If its to get the borrower into a better loan rate term, then i would do it because its in the borrowers interest. 30 year fixed or at least 5/1

If its to get cashout or purchase, I cant see this being a wise choice by the borrower to get into MORE debt when they are at 61% DTI ? and in fact I would advise my client to PUT HIS HOUSE UP FOR SALE.

I just had an old feller who got sucked into an option arm, and his mortgage has being going up for a year. Its only a 68% ltv deal, but getting him a 30 year or even 10/20 interest only fixed conforming would put the guys dti at 70% .

70% ?

Wow, the guy who scored him all the cashout and stuck him into this option arm is a real god damn hero isnt he?

His fico is 758, so its an EASY no doc or whatever, but lets get real, I advised him to sell his house and downsize to where his pension and SS can handle it.