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STATED INVESTMENT PROPERTY REFINANCE.........HELP!!!!

OKAY MY FELLOW ACTIVE RAINERS, PUT YOUR BRAINS TOGETHER FOR THIS ONE! I REALLY NEED TO GET YOUR HELP ON THIS ONE! I HAVE A GUY THAT IS A SELF EMPLOYED LANDLORD/PROPERTY "FLIPPER" WHO SHOWS AN AVERAGE $12,000 IN INCOME AND IS A 696 FICO. THE GUY ONLY OWES $20,000 ON THE PROPERTY AND HE HAS AN APPRAISAL FOR $125,000. WHAT AM I TO DO? THERE HAS GOT TO BE SOMEBODY THAT WILL STILL DO A BANK STATEMENT INVESTMENT PROPERTY LOAN RIGHT? WHO HAS DONE ONE OF THESE IN THE IMMEDIATE PAST THAT THEY COULD RECOMMEND ME TO? I KNOW THESE CAN'T BE EXTINCT! I HAVE ALREADY CALLED ACCREDITED AND WILMINGTON FINANCE. THEY HAD THE PROGRAM UP UNTIL A MONTH OR TWO AGO, WELL ACCREDITED DID. OF COURSE THEY JUST DUMPED IT SO I'M LEFT HOLDING THE BAG NOT KNOWING THEY DISCONTINUED IT, I TOLD THE BORROWER WE COULD DO IT!!

SOMEONE HELP ME OUT HERE? PLEEEEAAAAASSSSSEEEEE?????????????????

Posted by Abbie Lettre on 05/08/2008 09:53 PM

Comments (8)

mortgage help, mortgage brokers, niche products, investor loans, self employed borrowers, refinances

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8 Comments on STATED INVESTMENT PROPERTY REFINANCE.........HELP!!!!

MAY

2008

Abbie, check out creonline.com. Post your situation on the Finance message board. There are real estate finance experts there that can probably help you. Go to the homepage and click on the blue sidebar on the left where it says "Real Estate Finance." Good luck. Stephanie

Try running it on Fannie Mae DU if you get an approval, you can go Chase, Bank United, and many other places. You should be fine. Looks and seems like a good deal.

MAY

2008

if this loan hasn't closed yet give me a call, I know how to get it done

MAY

2008

The automated underwriting comment is your best bet. In hopes you could get reduced documentation approval. I have had several requests like this and there is just no one who wants a no doc or stated income investment cash out refi. Atleast I don't know of one. Sorry!

MAY

2008

Abbie,

Can you shoot me an email when you get a chance at swood@vipmortgage.net. Look forward to it. Thanks.

MAY

2008

Hi Abbie,

The only possible avenue is a Private Investor in your area. I even tried contacting several of my MOrtgage Broker Friends and they said that loans that had in their pipeline and in under writing fell out because of the immediate changes and deletions of the programs.

The only one's still out there are scores over 730, LTV only 75% and can only accept Owner Occp and 2nd Homes. All Investment properties are gone. I just closed one last month and the next day the program was gone, so I barely made the cutoff. Good Luck !!

JUN

2008

Investment properties are not gone at all. You can do R/T refi's all day long. As far as purchases go? Your capped at 75% (lower in a distressed market).

If your still looking to close, I would be happy to work with you.

Hey Tami, isn't that the sort of stuff that got us where we are in the industry? You can get an approval and it will get funded with DU, however, what happens when the borrower signs a 4506 and the lender does an audit? I would toss this loan to the side and look for another.

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