Loan Scenario: CA, $700,000, 760, 45% LTV, Purchase

High credit scores (750+), 53% ltv, SFR, purchase, primary residence, high reserves. The income for 2008 is WAY lower than 2007...Fannie/Freddie will not touch it. I have an audited financial statement for 2009 (YTD) that shows higher income. This needs to go to a lender that will accept an audtited financial statement (out of the box thinking) or stated....assuming that even exists for any loan amount over $417K?

Any help or assistance would be more than appreicated.

Thank you,

Pete LoPresti

Pete,

What does your income look like when you average 2007 & 2008 Earnings?  It appears you are Self Employed and if that is the case, remember that you can add back Depreciation to your Income.  Also, FHA allows for a Loan Amount up to $729,750 for a Single Family Home in Orange County, CA. 

Need more help? 

Good Luck,

Steven Ceceri, CMPS

try US Bank, not sure it will work but they require a current P&L so they might be able to do an exception

I have a stated lender perfect for this transaction call or email me

Patrick K. Gilligan

Director, Estate Lending

Pinnacle Bancorp

11400 W. Olympic Blvd., Penthouse

Los Angeles, CA 90064

Tel: 310.806.4627

Cell: 310.351.7696

Fax: 310.806.4606

email: patrick@pinbanc.com

Hello Mr. LoPresti,

I have been able to overcome a drop in income using a P&L as long as the reason for the income reduction makes sense.

Nationwide lender NOT hard money. Federally Chartered Credit Union.

Please contact John Burkel 972-201-1645 /  jburkel@advancialmortgage.com 

Peter,

What's your front end and back end dti ratios?

Steve Sovare

Presidents First (all states) (585)737-1998

Hey you last 3 posters---use the "contact me" tab under the poster's name to contact. 

Soliciting is a sin and is punishable by fine or imprisonment.

Hi Bob,

I recieved your e-mail today and am now clear on how to respond to the postings.

Do you want me to edit / delete the others?

Thank you.

John 

No John-

Takes a little bit to get used to a new Forum.   Welcome to MND!

Bob

Pete;

This needs go SIVA.

10/ Arm @ 5.375% P&I to 60% LTV / $1.5MM Must have 12 Mos of Reserves and Assets to qualify.

George Grosek

714 435-1187

eMney Lending

eMail: euro-am-gjg@msn.com