Refi for fixed income (Illinois)

Sharon · #1 (**permalink**) 04-20-2006, 12:45 AM

I have a senior citizen (fixed Income) need to refi, has chapter 7 Bankruptcy discharged 2003, middle score 674, single family resident, owner occupied, need 90-95 ltv, no pmi if possible, loan amount $147,000.00, 30 year fixed. Am I asking for to much? Can someone help me.

HisHouseMortgage · #2 (**permalink**) 04-20-2006, 09:21 AM

Are you looking to go stated or full doc? Indymac now has a stated fixed income program. If your not set up with them let me know and I will forward their info to you.

Sharon · #3 (**permalink**) 04-20-2006, 11:25 AM

Looking to go stated. Would you forward me their info. Thank you for your help.

Greg · #4 (**permalink**) 04-20-2006, 05:02 PM

What is the DTI going full doc Sharon? Beware... I have seen lenders discriminate. Make other excuses for not doing the deal because of age which is illegal.

Sharon · #5 (**permalink**) 04-20-2006, 05:37 PM

Don't think I can go full doc because some of the income is rental income and the lenders will not let me include it because it's a home. Someone put this customer in a arm (which I would never do to a senior citizen) and it's going to adjust from 7.25 to 10.25 in a month and the customer said it's suppose to adjust again in October. I will do the deal at par for the customer on the back so she can get the best rate possible. I would love to hang the company that did this to them.

Aapexnetbranch.net · #6 (**permalink**) 04-21-2006, 11:08 PM

Bank United has a lot of Option Arm products, if you have access to their web site they have about 50 pages of UW guide lines on there that may help you determine if it would work. I am under the impression they would not have an issue with the borrower being a senior on any loan product, for the reason Greg indicated in prior post. As your borrower has had some credit issues, I would look over the credit requirements in great detail.

Carmello31 · #7 (**permalink**) 04-24-2006, 12:43 PM

With just the credit score alone, there shouldn't be an issue. We would use Bank of America for that loan. I would estimate they would go 30yr Fixed for 6.325%.

FremontJames · #8 (**permalink**) 05-12-2006, 10:44 AM

With that FICO, and the BK seasoning over 24 months, I should be able to help you out with this one. I am in Illinois too, my office is in the West Suburbs. Email me if you still need help on this one.

jthompson@fmtinv.com

thanks

FJ

brendo927 · #9 (**permalink**) 05-12-2006, 12:00 PM

Has anyone noticed how sub-prime lenders nowadays are lettin loans that wouldn't get approved slip right on by.