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%

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

Anybody else? I am not set up with HSBC.

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. 

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.

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.