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dmdm22
Joined: 15 Aug 2007
Posts: 20
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| Posted: Tue Sep 11, 2007 4:04 pm Post subject: Another hard Loan |
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Does any lender still attempt to do stated/retired loans? My scenario is below... thanks for all advice
Stated/ Retired
33 DTI
53 LTV
No Cash Out
650 score
Thanks |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Tue Sep 11, 2007 5:46 pm Post subject: |
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| You may check with Wells Fargo wholesale. I would imagine that would be an easy enough loan to do on our retail side, so they may offer it. |
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dmdm22
Joined: 15 Aug 2007
Posts: 20
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| Posted: Wed Sep 12, 2007 4:33 pm Post subject: |
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Wells Fargo does Stated/ Retired
but SIVA with a 680
and...
Mortgage Verified with a 700
Anybody have any other ideas?
Thanks Haplo |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Wed Sep 12, 2007 5:20 pm Post subject: |
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Not really from my side :) Maybe someone'll pipe up.
In all honesty it would likely come up as a system generated reduced doc loan because of the LTV and DTI, but I don't know how that works on the wholesale side of lending. |
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dmdm22
Joined: 15 Aug 2007
Posts: 20
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| Posted: Wed Sep 12, 2007 5:47 pm Post subject: |
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We use Desktop Originator here at work and sometimes even on full doc loans.... if the LTV is low enough and the credit is high enough, it will not ask for income verification... just employment verification.
Just like you said Haplo, I was hoping for an Approve/Eligible with a system generated reduced doc loan but alas... |
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