It's true, it's true, it's darn true! In my 7 illustrious years in the Mortgage Business, 65% of my business has been Conforming Loans. You know, the Gold Card Elite who have the type of credit that warrants dinner and drinks at the White House. As crazy as the Market as been, Conforming Loans have remained the same. Yet, I've heard the echoes of a dried up Sub-prime Market....even rumors of it being totally dead.
Well, to sum it up in 2 words.....Not Quite.
We happen to be closing one today.
Check this out:
616 Credit Score
Large Judgement on Credit (which had to be paid off of course)
$100,000 cash-out
80% Loan To Value
The last 24 months of the borrower's mortgage history is scattered with 30 and 60 day lates.
CLOSED IN 3 DAYS!!!
And oh, one more small thing to consider.....it's a Stated Income Loan! The borrower happens to be Self-Employed.
The rate isn't too bad either.....8.5%!
The land of second chance financing hasn't disappeared yet.
We await the closing package....
Woah! ! ! Points??? Fees???? APR?????
Brian - Thanks! Especially if you throw Stated Income in there.
Lenn - 2 points and an APR of 8.859%.
Jason.... sounds like a great deal for the consumer.... but ah, the key words... waiting for the package. So, did it arrive yet? Was it scheduled for today?
Jeff - They be signing as I be typing:-)
Not bad. 90% LTV would have been a given a few years ago.
Times they have changed.
Nice work Jason... thank you for sharing... would you be willing to share the lender?
Rick
Rich - I'm something:-)
Monika - Nope...still there. I think to some extent it will always be there.
Danny - That they are.
Hey Jason....everyone seems excited about this....my thought was oh my god 18%.....so from what others are saying...this is good??????
You're just so cute when you're excited ;o) MWA!
Kelly - Lol, thank you.
Kathy - I just noticed that....that wasn't what I typed and it suddenly appears now.....Hmmmm....(and see my comment to Lenn in regards to the APR....)
Ginger - Not a bad thing to simulate Sally:-)
Jennifer - Yup, I can be cute now and again:-)
I had one too not long ago at all...similar story. Not stated, but 601 credit score 9o% LTV purchase at $380K. Same percentage and rate. Best of all...same time frame. Three business days between submission and closing. This during refinance part of the month even!
Media bias just does not want to tell this story I suppose...
Keep up the good work and congratulations! BTW, Who did you use for the transaction?
Well knock me over with a feather! I have been told by trusted lenders "no chance".
J,
Do you think that was one of the few that are slipping though the cracks?
Jason,
You make me proud! Well done.
Bill
Lane - Don't let the moderator...er...man behind the curtain for you. The AR Gods are trying to screw with poor old me.
Jacobson - You have yours coming my friend:-)
Sarah - Emailing you momentarily.
Matt - Actually, it wasn't that bad....some punk stuck a 1 in there to incriminate me:-)
Sandra - I'll email you as well.
Cynthia - Thee of little faith:-)
Sharon - Thank you and you are very right.
Sarah - We use them occassionally as well.
Neal - Actually, no I do not.
Bill - And that would be an honor, thanks!
Scott - And an underwriter like you...
Diane - I gotta disagree, I think the rate in this case was pretty darn strong considering the circumstances.
Vincent - Thanks for stopping by.
Bruce - We can be pretty good, can we not?
Jason,
Please email the lender and any others that do that type of loan. I am looking for a 90% ltv SIVA, 720+, rate and term, loan amount 500k loan, OCC and a 90% ltv SIVA, 720+, purchase, loan amount 250k loan NOO. Can you help? I am in California.
Thank You In Advance,
Bill Duby
Rick - Wow man, thanks for the kudos!!!
Bill - I just emailed you.
HI Jason
Would like to know who you use as well. Hi Bill Duby from By Referral!! Would like to us eyou as a resource fro good lenders, and reps as so many are gone.