Loan Scenario: CA, $250,000, 670, 25% LTV, Cash Out Refinance
Loan State: California
Loan County: Los Angeles
Loan Type: Cash Out Refinance
Loan Amount: $250,000
Property Value: $1,000,000
LTV: 25%
FICO: 670
DTI: 100
Occupancy Type: Owner-Occupied
Property Type: Single Family Residence
I'm just looking for a 30 year fixed rate conventional mortgage for this borrower. I need a loan that will consider the owner's equity position over the documented DTI. C'mon some company must have a portfolio type loan for this borrower!
INCOME:
Retiree who receives Social Security Income of $825/month
-$600/month income from rental property in New Mexico (via money order, can’t document)
-$800/month from tenant living in converted, detached garage (pays in cash, can’t document)
-$1,000/month from live-in family members (cash, can’t document)
1003 DTI of 121% due to lack of the documentable income
REAL DTI of 36% when her REAL INCOME is taken into consideration
EQUITY:
Home is in a very prestigious neighborhood of Los Angeles (Venice Beach) with a value of over $1M
MORTGAGE:
-Current Mortgage is less than $160k including payoff
-Requested amount of new mortgage will be no more than $250k
-Purpose of loan is to vanquish credit card debt and to build cash reserves
-New LTV will be less than or equal to 25%
CREDIT:
-Middle credit score of 670
-NO Derogatory or Late items on the report
-Score is low due to credit card utilization
Thanks for the feedback in advance.