6 month seasoning

[tnavcan]

What bank will do a rate and term refi on a newly constrcuted property. Owner moved in 6 months ago. 88.80% CLTV.

[Troy]

I need more info on this to make a solid call.

Is it a SFR?

It would have to be, because I doubt that anyone would do it on a condo conversion.

Also, is it A paper or subprime?

[tnavcan]

Yes SFR. A paper. or Subprime

[Troy]

My apologies for not responding sooner, as I was out of town.

To be honest, I'm not 100% sure off the top of my head and don't want to speculate as I don't want to make you run around. Also, since it's been a while since you posted this, let me know if it is still a question and I'll gladly email some of my lenders to help you find an answer.

troy

[SALBI95]

hi troy this is a detached condo 90%ltv fico 677 c/o refi. no mtg lates and 6 mnths seasoning. it needs a home can you let me know what my options are. thanks

[Troy]

I'd look for some Alt-A financing
MIT [URL="http://www.mitlending.com/"]www.mitlending.com[/URL]- I read the guidelines for Alt-A products and they have a section specifically dedicated to "recent purchases" 6 months or less. It looked ok.
SCME [URL="http://www.scmeonline.com/"]www.scmeonline.com[/URL]
SCME has an online engine, but it doesn't include seasoning and I didn't see it in the guidelines

Also, I'd seriously consider an option arm for them. Hopefully the borrower is responsible enough to handle it. However, judging from their necessity for a refi after 6 months, it might not be the most prudent loan to place them in.

Places I like for option arms:
Downey - [URL="http://www.downeywholesale.com/"]www.downeywholesale.com[/URL]
I don't know why, just find they usually workout pretty good with option arms. Keep in mind I don't do many of these anymore because I believe most borrowers are irresponsible. I haven't kept myself completely informed with most of the guideline changes.

First Federal (I think this one might be your best bet) - [URL="http://www.firstfedca.com/"]www.firstfedca.com[/URL] - if it's a full doc, they'll do cashout up to 90% and the rate won't be nearly as bad if you were to stick them into any type of fixed Alt-A loan. I'm not sure of the seasoning requirements. I looked on the site (not too hard because the wife just got home) and I didn't see "seasoning" there.

sorry, but I don't have concrete answers for you. I'm not an AE! However, between these four places I'm pretty sure someone will help you out. If you aren't any farther by noon tomorrow (friday) lemme know and I'll blast some emails out to people.

Good luck and let me know how it goes.

[Troy]

[FONT=Verdana, Arial, Helvetica][FONT=Verdana, Arial, Helvetica][SIZE=2][COLOR=midnightblue] Ed Cowley
Business Devp Manager
Mortgage Lenders Network
888-274-8850 x50075
800-869-0181 - efax
[EMAIL="ecowley@mlnusa.com"]ecowley@mlnusa.com[/EMAIL]
[URL="http://www.brokeroutpost.com/loans/extclick.asp?url=http://www.mlnusa.com"]www.mlnusa.com[/URL]
working with Brokers in: AZ,CO,NM,CA,WA,UT,NV,AZ,ID,MT and OR

He said he can do it!

Troy[/COLOR][/SIZE][/FONT][/FONT]

[Troy]

More fun stuff...

I had the following email this morning:

We don't require seasoning down to a 620 mid score. It's our main niche at Oak Street Mortgage !

Please fax in the 1003,1008, credit and GFE if you want me to take a closer look.

[email]robert.clements@oakstreetmortgage.com[/email]

I've never worked with these guys, but at least they got back to me!

Troy

[subprimeway]

Yes, we can get this one done for you! What state is the property located in? Please call, email or post more details and I will get this one priced out for you!



Thanks,

Scott Schuhwerk
SRI Wholesale Mortgage
916.747.8082 Cell
916.543.6974 Fax
[email]scott@srimortgage.com[/email]

[Troy]

subprimeway,

How is [url]www.passiveopportunities.com[/url] working out for you?

troy