I've run out of lenders who will do this, without charging 9.0% and points!

$525K loan with a 70% LTV.  709 FICO, full doc, approx. $150K cash to borr.  Good reserves, DTI at 45%.

Any help is appreciated!

I can get to 8.375% <par> on a 5/1 ARM or 7.625 <.25pt cost> on a 3/1 ARM

where is the property located?

It is in Kelseyville, CA, Lake County, right on Clear Lake (which isn't so clear, BTW).

I know a few lenders that will do this with a 720+ at better pricing. I can get your client above 720 in a couple days, free of charge.

Hayden Gerson:

I know a few lenders that will do this with a 720+ at better pricing. I can get your client above 720 in a couple days, free of charge.

Dang!  now there's an offer!

By the way Brian, I'm sure you've probably had some measure of experience with quick credit repair, but I just wanted to chime in in case you hadn't and say that a 709 to a 720 is totally feasible. 

Matti G would be pleased to see the community members scratching each others backs.  I'm all for it. 

Last thing, let me know if you want me to run this through a pricing engine for you.  Seems outrageous.   Have you tried all the usual suspects?  (ING, astoria, union...?)  What about US Bank?  Unless something's changed at USBank, they seem like the best lender for this, but admitedly I haven't looked at their guidelines or spoken their name since I had a bad experience with an "effective immediately" UW guideline change

MBSDaily:

Dang!  now there's an offer!

By the way Brian, I'm sure you've probably had some measure of experience with quick credit repair, but I just wanted to chime in in case you hadn't and say that a 709 to a 720 is totally feasible. 

Matti G would be pleased to see the community members scratching each others backs.  I'm all for it. 

Last thing, let me know if you want me to run this through a pricing engine for you.  Seems outrageous.   Have you tried all the usual suspects?  (ING, astoria, union...?)  What about US Bank?  Unless something's changed at USBank, they seem like the best lender for this, but admitedly I haven't looked at their guidelines or spoken their name since I had a bad experience with an "effective immediately" UW guideline change

Neither ING nor USBank allow 2nd homes anymore.  The angle I'm trying now is with Wells, one of the last places I can do a concurrent HELOC.  $417K 1st w/ $140K HELOC.  I'll let you know how it goes.

Thanks for the offer on the pricing engine, is that going to part of MBSlive?

Hayden Gerson:

I know a few lenders that will do this with a 720+ at better pricing. I can get your client above 720 in a couple days, free of charge.

Thanks Hayden, I appreciate the offer.  I did some work on his credit, took him from 650 to 709.  If W.F. fails me, I'll give you a ring.  No question, with Jumbo you better be 720+.

I believe M&I will still do concurrent Helocs down to a 650.

If you don't have a rep, I have an awesome M&I Rep,

Lindsey Nixon
Account Executive
M&I Home Lending Solutions
Toll Free (800) 827-2654 x 7700
Direct (480) 272-8911
Fax: (515) 280-2291
Check out our website at: www.mihomelendingsolutions.com

Find a lender for this yet? I have a similar situation.

Tim

Timothy Hills:

Find a lender for this yet? I have a similar situation.

 

Tim

"The angle I'm trying now is with Wells, one of the last places I can do a concurrent HELOC.  $417K 1st w/ $140K HELOC.  I'll let you know how it goes."  We'll see, I'm submitting the package to them tomorrow.  Do you have Wells?

I do, my other issue is the property was listed 5 months ago. That is the predominant issue is this case it now seems! Wells with M&I 2nd should work for you.

Rabobank will do this and let you put a point letter into escrow.  I need to take the app and do all the work, but you can still make a point.  email me the details at mike.patton@rabobank.com

Have you tried Union Bank?  6.375% 5/1 ARM fully amortized at (0.125%) rebate.

I haven't, I'm not signed up with them, how are they to work with?

Underwriting turn time has greatly improved... i think they are finally getting around to u/w stuff submitted in May.  :)

They are extremely slow in u/w currently (30-60 days).  Hard to get approved with, but less painful than 9.0% and points.

Mike,

Are you refering to my scenario (recently listed?).

Tim

Sorry, no.  Union Bank only does loans in CA.  However, a Federal Credit Union called Kinecta could do the WA 2nd Home C/O to 70%.  Little higher rate though.

Bryan Campbell:

Underwriting turn time has greatly improved... i think they are finally getting around to u/w stuff submitted in May.  :)

 

They are extremely slow in u/w currently (30-60 days).  Hard to get approved with, but less painful than 9.0% and points.

Are you serious, 30+ days of pain?