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Financing in 92130 : Real Estate Advice

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  • Home Buying38
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Activity 3
Mon Mar 23, 2015
Valli Lopez answered:
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.

Valli Lopez
NMLS 980530
619.916.9595 cell
Valli@vallilopez.com
... more
0 votes 7 answers Share Flag
Tue Mar 17, 2015
answered:
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
0 votes 4 answers Share Flag
Thu Oct 4, 2012
answered:
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!

Deborah Garvin
NMLS #279125
(619) 787-8212
... more
0 votes 9 answers Share Flag
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