Wage Earner Stated in Ohio scenario

[GLOAT]

Scenario:

618 Mid(630 High)
O/O SFR
Purchase Price=115k
BK 1 year discharged this month
Wage Earner Stated
FTHB W/Verifiable Rent History
Need 90%LTV, but 95% would be better(as always)

[Secret!]

In large part, all the troubles the industry is having in Ohio can be easily summed up as the sort of STUPID loan you're trying to get funded; use bank statements and go full doc instead ... don't get sucked in my dreams of a nice fat commission based upon some air-head wholesaler who offers that kind of a reckless loan product.

[GLOAT]

I agree, in part. There are some exceptions though, per example this particular file:

15 years in the same industry, but 4 months on the new job. Hourly Rate is $11.00 per hour, but client will receives 8 hours OT per week, which is an extra $572/month. Is it, in your opinion, unethical to:

a. Inform client they must wait un until they have a full year's history of OT

b. "State" the income to reflect the OT

c. As oppose to being a "Loan Officer", be a "Salesman" and sell my client on a product/program from a Lender who will use a current stub w/the OT, but even on a "full doc" loan can't compare to another Lender's "Stated" product/program.

Such a thin line.........

[Secret!]

Originally Posted by GLOAT

I agree, in part. There are some exceptions though, per example this particular file:

15 years in the same industry, but 4 months on the new job. Hourly Rate is $11.00 per hour, but client will receives 8 hours OT per week, which is an extra $572/month. Is it, in your opinion, unethical to:

a. Inform client they must wait un until they have a full year's history of OT

b. "State" the income to reflect the OT

c. As oppose to being a "Loan Officer", be a "Salesman" and sell my client on a product/program from a Lender who will use a current stub w/the OT, but even on a "full doc" loan can't compare to another Lender's "Stated" product/program.

Such a thin line.........

Go full doc with a letter from his employer that says the employer GUARANTEES that over-time pay (since that's what you're wishing is the case), and an underwriter will like that much better than you suggesting to the customer to "fudge" ... and stick with the 90% MAX submission.

[GLOAT]

That may work as the job requires Monday thru Saturday, 8 hours per day.

[Secret!]

Originally Posted by GLOAT

That may work as the job requires Monday thru Saturday, 8 hours per day.

Wonderful! And Good Luck with it.

[florida man]

Originally Posted by GLOAT

I agree, in part. There are some exceptions though, per example this particular file:

15 years in the same industry, but 4 months on the new job. Hourly Rate is $11.00 per hour, but client will receives 8 hours OT per week, which is an extra $572/month. Is it, in your opinion, unethical to:

a. Inform client they must wait un until they have a full year's history of OT

b. "State" the income to reflect the OT

c. As oppose to being a "Loan Officer", be a "Salesman" and sell my client on a product/program from a Lender who will use a current stub w/the OT, but even on a "full doc" loan can't compare to another Lender's "Stated" product/program.

Such a thin line.........

gloat

ummm, most lenders consider 50 jobs in the last 2 years one job if its the same industry. Just get together all the w2s and or tax returns. This is a full doc deal.

DONT do a stated deal just to make the DTI fit.

ps. I know you wouldnt of course..........

The banko less than 2 years out doesnt get him Fannie or FHA , but im sure there are some folks who will do this deal if he can prove income.

by the way, why is this guy DYING to buy this house in a diving market?

He cant wait another year to get FHA , probable lower housing prices, etc?

you should advise him in his BEST interest, which might be to wait until he can go FHA and get the best 30 year fixed avail ...........

[Secret!]

Although I LIKE your answer floridaman, this LO won't wait since ALL commissioned salespeople believe "... a bird in hand gathers no moss...." - which supports my assertion for quite some time, LO & Brokers should not consider themselves SALES PEOPLE and should NOT be paid on commissions.

[Greg]

O-HI-O

I can still do stated deals. REIT and Bank Charter are ok right now but most the wholesale companies are stopping the programs to brokers.

But, I only do stated BFS. I hardly ever do SISA or SIVA. I do No Ratio and NO DOC. Sometimes I will do SISA or SIVA on investors though.

Glad you got this one resolved. Finally we helped GLOAT! Horray!

[shoe0808]

9.375% 2/28, 90%, SIVA

Gregg Shoewalter
Nations Home lending
614-554-2947
FAX 815-642-8413
gshoewalter@suttonbank.com