SO here's my scenario

AGonzalezNewport · Joined: 15 Nov 2006 Posts: 29 Location: Newport Beach,Ca

Maryland
710 mid
NIVA
L/A: 1,000,000
Value: 1,350,000
SFR
O/O
LTV: 75%
Cash out: 60k

I've been looking for a nice 30 year fixed but cant seem to find anything under 7% with out buydown. Any suggestion would help. Thanks

jrhartman · Joined: 01 Apr 2007 Posts: 107 Location: Michigan

based on the current market, you are not going to find under 7% with that senario and no buydown.....you searching for a unicorn

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

2 quick questions....

1) what do you do for income/employment that is making you want to use a no income verification loan?

2) how are you currently mortgaged? (loan amounts, rates, etc.?) If you are only taking 60k in cash out there may be another way to construct this that would work.

More info means more accurate answers :)

Ken

AGonzalezNewport · Joined: 15 Nov 2006 Posts: 29 Location: Newport Beach,Ca

ken(TX) wrote: 2 quick questions....
1) what do you do for income/employment that is making you want to use a no income verification loan?

He is a mechanical engineer, has been in the same line of work for about 7 years, and has just decided to open up his own business which has been up and running for about 6 months. considering the time he has had his own business he does nto have a business license, he does have a CPA but his business has only been up for 6 months so we cant go that deriction. What he does have is 6 months seasoned assets.

ken(TX) wrote: 2) how are you currently mortgaged? (loan amounts, rates, etc.?) If you are only taking 60k in cash out there may be another way to construct this that would work.
Well just to clarify Ken, i am not the one with the mortgage, this is a client of mine. He is a past client which i refied last year. he is basically looking for some info and im just hepling him out. He is currenty being offered a 7.3% which i can not touch, so im just trying to point him in the right direction .He is switching from construction to a permanent, he already has certificates and permits signed off stating the property is ready for occupancy.

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

So help "un-confuse" me here. If he is converting construction to permanent financing, what is the 60k cash out?

Bank of America would consider him on one of our portfolio Jumbo products despite the job change. If his credit and assets are sufficient he may qualify for our Paper Saver process which would negate the need for him to have to provide income documentation. We would do a $1,000,000 loan (max) to 75% LTV (max) and today's rates on a 30 year fixed would be below 7.00% paying no origination and less than 1% discount. I'm not going to quote rates on a public website....just don't do that.

but I think there's something better we could do then a NIVA at 7.375% if he can qualify for it.

AGonzalezNewport · Joined: 15 Nov 2006 Posts: 29 Location: Newport Beach,Ca

Wonderful Ken, Thank you. I will give him a shout tonight and have him look into the paper saver product B of A offers. The Cash out he needs is for Debt. LTV is right under 75% with the cash out.