Loan Scenario: OR, $356,250, 727, 75% LTV, Purchase
Loan State: Oregon
Loan County: Multnomah
Loan Type: Purchase
Loan Amount: $356,250
Property Value: $475,000
Occupancy Type: Non-Owner Occupied
Property Type: 2 Unit Duplex
Borrower had a Deed In Lieu over 2 years ago (5/21/2010). Per Fannie Guidelines, shouldn't be a problem with this LTV.
Has anyone out there been able to get and approve/eligible with the DIL over 2 years and 80% LTV? (this is actually 75% - investment and duplex)
Per most lender guidelines, Deed In Lieu acceptable with 80% or better LTV, and 2+ years old, WITH APPROVE/ELIGIBLE, which I haven't been able to get, and reason is "DU has identified a deed in liue or foreclosure that was reported within the last two years, or a foreclosure that was reported within the last seven years. This loan is ineligible for deliver to Fannie Mae".
Even with primary residence 1 unit, DU still will not give Approve Eligible, so its not that.
I called DU, they said both DIL and Foreclosure report the same way, and as long as DU is reading the DIL, it will give this message regardless of the 2 years 80% LTV guideline. My conversation with my credit folks said something similar.
However, one of my lenders told me it IS possible to get an approve eligible in this circumstance. I haven't been able to find a fellow LO who's been through this particular scenario.
1. Does anyone have experience w this scenario getting an Approve/Eligible?
2. Which, if any, lenders will do Conventional Manual Underwrite?