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Loan Scenario: MA, $600,000, 780, 50% LTV, Cash Out Refinance

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Forums » For Mortgage Professionals » Loan Scenarios » Loan Scenario: MA, $600,000, 780, 50% LTV, Cash Out Refinance
 

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Latest post Mon, Nov 2 2009 7:51 PM by Bob V-G. 3 replies. Viewed 366 times.
Page 1 of 1 (4 items)

  • Thu, Oct 1 2009 9:10 AM                

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    Loan Scenario
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    Loan State: Massachusetts
    Loan County: Norfolk
    Loan Type: Cash Out Refinance
    Loan Amount: $600,000
    Property Value: $1,200,000
    LTV: 50%
    FICO: 780
    DTI: 35
    Occupancy Type: Non-Owner Occupied
    Property Type: 3-4 Unit Duplex
    Owner is seeking a HELOC to pay off existing first mortgage and have a line to draw upon.
    PREMIUM MEMBER
     Licensed in MA, NH, CT, RI and FL. Ask me about my adoption program for debt savvy homeowners.
    Filed under:

  • Thu, Oct 8 2009 2:26 PM                 In reply to

    |Contact

    is the property warrantable? (Ie, this is the only investor unit in the 3-4) If so, should be no issue with any conforming under 75ltv

    If the complex is NOT warrantable, might try it as a commercial loan, assuming debt service ratio works and owner financials are strong. I wrote 5 or 6 of these for investors in Boston/north of Boston last spring with local banks. Email me for recs.

    PREMIUM MEMBER
     Kelcey Morange, Mortgage Consultant Massachusetts Lic # 85965
    Mortgage Master, Inc. 153 Andover St. #200 Danvers, MA 01923 kmorange@mortgagemasterinc.com

  • Thu, Oct 8 2009 2:28 PM                 In reply to

    |Contact

    sorry! just saw the loan amount. Assuming not dukes or nantucket county, too much. Local bank part still works.

     

    PREMIUM MEMBER
     Kelcey Morange, Mortgage Consultant Massachusetts Lic # 85965
    Mortgage Master, Inc. 153 Andover St. #200 Danvers, MA 01923 kmorange@mortgagemasterinc.com

  • Mon, Nov 2 2009 7:51 PM                 In reply to

    |Contact

    Bill, may I call you Bill?  No Ads.  If you want to contact the poster with your fabulous line, please use the contact tab on his post.  God Bless.

    PREMIUM MEMBER
     Bob Van Gilder, Broker- Finance One Mortgage Ph (530) 644-5395, eFax(877)468-5395 email: financeone@juno.com CA DRE lic # 01193406
    California only please---But I can refer you to professionals throughout the nation.
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