Lender Needed - full doc, multiple sixties

glombardo · Joined: 23 Aug 2007 Posts: 7

I desperately need advice with this loan. I really appreciate anyone who can help. Please help me find a wholesale lender!! Here is the rundown..

NEW YORK property
545 fico
full doc
2 unit
refi cash out
owner occ
5x60....2x60 if you roll them
465 loan amount
75 or 80 ltv

PLEASE GET BACK TO ME WITH WHATEVER YOU CAN DO TO HELP..THANKS :)

Glenn
A.C.G.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: P.S. If loan closes...there will definitely be nice compensation.

Are you *asking* to go to jail?

I can't believe the increase in people coming here asking people to commit fraud, or stating (blatantly) that they are doing so or will do so on their loans. Is this because of the tightening of the belt, so everyone that is used to looking to those high risk lenders (who may or may not know that their LO's are likely making things up as they go...) that now that 1/2 of them are gone they just don't know how to take an honest app?

From what I hear, 75/80% at that low of a score is a tough bite these days. 70% is the cap that I've heard. That's not on the wholesale side though.

glombardo · Joined: 23 Aug 2007 Posts: 7

excuse me, but in no way am I even implying anything about fraud. I apologize about the statement though...I didn't realize it might have been wrong to put that.....bottom line is I appreciate any help anyone can give me with this scenario...I really need the advice...thanks again

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

You may not have meant to, but implying that you will pay someone for a referral is against RESPA guidelines. You may want to review some of the rules and regs that govern our industry just to make sure you're not making any other mistakes (Like the "Stated income not Created Income" fad that seems to be coming up all over the place.