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Post Statistics: 844 Views, 5 Replies
Latest Post: Tue, Oct 21 2008 12:43 PM by Mark Ganovsky
  • Tue, Oct 14 2008 10:25 AM
    Georgia NOO / Rate & Term / SIVA

    Please help.

    Borrower has credit scores of 775, 758, and 760.
    Appraisal came in at $135,000
    Loan Amount of $94,500
    70% LTV
    31.538% back end DTI
    Borrower is a Doctor so that is reason for SIVA, Too many writeoffs.
    Borrower bought property on 6/25/2008 for $63,000 as a bank REO
    $28,000 in full Rehab completed.
    Borrower wants 30 Year Fixed Loan as she is keeping it long term
    Georgia property.

    Currently in Hard Money Loan at 15%

     - View My Profile
    Broker
    Prestige Lending Solutions
  • Tue, Oct 14 2008 11:38 AM

    Rob Storm:
    Please help.

     

    Borrower has credit scores of 775, 758, and 760.
    Appraisal came in at $135,000
    Loan Amount of $94,500
    70% LTV
    31.538% back end DTI
    Borrower is a Doctor so that is reason for SIVA, Too many writeoffs.
    Borrower bought property on 6/25/2008 for $63,000 as a bank REO
    $28,000 in full Rehab completed.
    Borrower wants 30 Year Fixed Loan as she is keeping it long term
    Georgia property.

    Currently in Hard Money Loan at 15%

     

    HSBC will do it

  • Thu, Oct 16 2008 8:22 AM

    Anybody else? I am not set up with HSBC.

     - View My Profile
    Broker
    Prestige Lending Solutions
  • Thu, Oct 16 2008 12:28 PM

    Rob, I am not set up with them so I am not 100% positive but I have been told by someone in my office to check with Amtrust. 

  • Mon, Oct 20 2008 7:23 PM

    gboneske:
    Rob, I am not set up with them so I am not 100% positive but I have been told by someone in my office to check with Amtrust. 

    Thanbks so much for the reply. Sorry I am just seeing it though. I called my rep and he said no-go.

     - View My Profile
    Broker
    Prestige Lending Solutions
  • Tue, Oct 21 2008 12:43 PM

    From what I have heard the last couple of days the few lenders who had still had a SIVA product stopped doing them as of 20 Oct.  Although HSBC will still let you lock and register through this Friday.  Too bad you are not hooked up with HSBC.

     

    Did you try running it through LP, I heard that both Fannie and Freddie stopped giving income waivers but have also heard that real high Fico's and low DTI's are still getting them.

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