Question Details

Vena Rubalca…, Real Estate Pro in Upland, CA

Need a 90% 10 down full doc, Where? can I find a loan like this? proof mortgage is paid

Asked by Vena Rubalcaba, Upland, CA Fri Mar 26, 2010

12 mos cancelled checks that other mortgage is paid by another
Sales price $150,000
700 fico's

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Answers

3
FHA :-)

May have to count that other mortage payment - Debt to income ratio needs to be a lot lower to get MI on a conventional than MIP on and FHA loan
0 votes Thank Flag Link Fri Mar 26, 2010
hi....sounds like a good loan to me....assuming everything else works....if you cannot secure mi, then consider fha....as an alternative....best regards...bob mcclure- first preferred mortgage- southfield, michigan....
0 votes Thank Flag Link Fri Mar 26, 2010
Not all underwriters will allow this because you are supposed to show evidence that you are not legally obligated to the loan, which is not really true. I am getting this accepted now by Citimortgage for a client, but it is a much stronger file because it is a very low LTV. You not only have to get this by the underwriter, it has to be accepted by the PMI company. This guideline has changed recently.
0 votes Thank Flag Link Fri Mar 26, 2010
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