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

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.

Peter,

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

Steve Sovare

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

Call Advancial Federal Credit Union. They are interested in Jumbos in CA.

John Burkel 972-201-1645