Special offer

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

By
Mortgage and Lending with H&R Block

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????????????????? 

Stephanie Castillo
Pruven Real Estate & Investment, LLC - Phoenix, AZ

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

 

May 08, 2008 03:02 PM
Jennifer Butz
Not yet determined - Lilburn, GA

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 08, 2008 03:58 PM
This Account No Longer Exists
Inactive Account - Woodstock, VA

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

May 12, 2008 01:21 AM
Tami Walsh
Peoples Community Mortgage - Fredericksburg, VA

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 21, 2008 07:41 AM
Anonymous
Scott Wood

 

Abbie,

 

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

May 25, 2008 11:35 AM
#5
Eric Meruelo
Springfield, MO
Vice President / Sr. Loan Officer

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 !!

May 26, 2008 01:28 PM
Josh David
Bridgeview Bank Mortgage - Tampa, FL
Purchase Specialist... www.joshdavid.us

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.

JD

Jun 14, 2008 01:19 AM
Robert Lowery NMLS 211598
Prosperity Mortgage - Perry Hall, MD

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.

Jun 14, 2008 01:41 AM