Purchase in CA... a challenge to your financing skills.
This is a case that has excellent face value but some core issues, COE is 12/15/08, so suggestions would be helpful.
1. State: CA
2. Value: 990,000
3. No current liens.
4. Looking for loan amount 742,500 (75%) ltv
5. Purchase (new construction/development)
6. SFR
7. 681 actual FICO
8. 100,000 liquid assets after close and down payment have been made. 350,000 currently in bank.
9. 14,500/mo verifiable
10. 5/1, 3/1 amortized
11. I am look for par pricing
12. Now for the challenges.... although I have a 681 credit score, there are only two revolving tradelines that have been reporting for about 8 months. Income... I cannot document past income beyond 5 months ago... she is the CFO of two companies operating out of the same building and has been compensated under the table, about 5 months ago she was placed on payroll... the salary above is what her total income from both jobs equals. We can get a VOE and a letter demonstrating compensation is guaranteed for an addition five years, and paystubs will support this income. In addition the company she works for has been paying her rent so VOR is difficult, although the rental history was recently added to her credit report as means of overcoming this obstacle. Finally this home is part of a new development, and has just been built. Close of Escrow Dec. 15, 2008... she had been preapproved by the builders preferred broker, who just told her he cannot get financing. Now I am involved trying to dig this out of the grave.
Suggestions welcome... I just don't want to have to go hard money. Thank you everyone.
Peter Gladkin
peter@akfin.com
760-730-5040