Loan Scenerio
I have a new loan officer and i have a loan scenerio.
The prospect wants it stated income and stated assets.
Refinancing. current financing is 30 year fixed 7.25% with baloon.
Property value is 690000
1st loan is 533000
2nd loan is 67000
Credit score is 653/744/663
I presented the scenerio to lenders but they all have a limit of 417000.
One said that they can do it on reduced documents.
What is the difference between stated and reduced documents?
Also how should i make this deal happen? Is it possible to get a better rate for this prospect?
I have seen rates very high and no lender is willing to except non confirming jumbo loans.
Thanks for help.
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