FL, Single-Family, Refinance, $110K, 719 FICO, 60% LTV
Posted on 9/17/2013 2:04:30 PM
One of my Bank of America sources referred me to a homeowner seeking rate reduction refinance of their mortgage.
The borrower is self-employed (real estate), has very good credit (719 according to my rep at bank), and has decent liquid assets on account at the bank.
Borrower seeking low-doc program (no tax returns, no 1099, W2 ,etc.). Borrower has bank statements to share to document assets.
Property is investment type, SFR in Naples, FL. Current rate 7%. Bank of America is lien holder.
They owe about $110k. Value is estimated at $210k.
I already educated borrower that the 4% rates they read and hear about are for primary residences and full doc programs so not to expect pricing like that.
Thanks for the review.