Lenders wanted

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.

LTV 50-60%
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.

Randy Mitchelson
NMLS# 377413

  • by Randy Mitchelson on 10/7/2013 11:43:38 AM

    Thanks Kathleen and Anthony.
    Please email me what you need initially to run a scenario by an underwriter. Send to randy@mortagebyrandy.com
    Thank you.

  • by Anthony Grigis on 10/3/2013 11:42:21 AM

    i can do 12 month bank deposits I work for an FDIC bank and we have several portfolio products also stated assets product

  • by Kathleen Gillish on 9/23/2013 4:36:24 PM

    The type of loan your customer can qualify for is a low doc which uses assets to back up stated income on the application. I'd be happy to assist. I represent a federally chartered bank and can do loans anywhere in the US. Our customer service and experience are bar none and I would gladly assist your customer with a quote and list of requirements to get the loan completed. Please call me at 732 644 1476 or email at kgillish@ahmcloans.com

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