I have a fixed program at competitive rates with only a 3 year wait period from short sale. I can ask for an exception from the lender because if you close in April, it would just be 7 months from the 3 year mark. Maybe they would say yes with compensating factors like low DTI, good assets, job stability etc??
Email me or call me to go over your situation and an idea of compensating factors that we can present for an exception.
Low Documentation = Bank Statements. We allow 100% of the borrower's deposits as proof of income. These are Portfolio Loans that allow credit scores as low 500. The LTVs are determined by credit grade. 700+ can give you up to 85% LTV 500 can get you as high as as 65% LTV. Rates are generally double that of traditional loans.... more
Great answers below. It is correct that no lender has any recourse if a borrower decides not to follow through with closing a loan. However, the comments regarding the three days right of rescission are a bit misleading. RESPA only requires the three days right to cancel on owner occupied properties. The law does not apply to second homes.
@Steve nailed it...any lender/loan consultant can "Say" anything...loan rates move constantly. The rate quote provided at 9:00 am may mean nothing at noon of the same day!
(619) 787-8212... more