Need help locating a lender that can do a 95% LTV stated income refinance

Posted by admin in need a lender | 1 Comment

Sounds easy on the surface, but here are the issues:
1. Customer has a middle score over 620, but below 650
2. Customer is refinancing with-in 12months of purchase – Can use purchase price
3. Limited trades & “B” credit
4. Here’s the killer: Documents on previous loan were frauded.  His loan is current but he will soon be facing foreclosure if he can’t get the house refinanced as the investor pulled tax transcripts. States the LO frauded the tax returns used on last loan, but customer is in the used car business.
I’ve got bites, but they are double-digit rates & with stip sheets a mile long.  I’m trying to help the customer, help the investor & help the originator.  The original broker & LO were terminated & can’t be found & there is no proof who did what.  Customer has an attitude & his story is he didn’t participate & he’s sticking to it.  While it is easy to tell him to shove it, we would like to help resolve the issue for everyone as the customer is paying & his payments are actually made ahead of time.

One Response to Need help locating a lender that can do a 95% LTV stated income refinance

  1. TomyJ says:

    Sounds tough, I’ve seen similar situations in the past. Try Flagstar Bank’s “Premier Low Doc” program. With a 620 they can do 95% LTV at 8.125% (2yr fixed 3 yr PP). You could get slightly lower rates if you can verify assets. The program is a little tricky, so consult with your account rep to make sure you have the 1003 filled out correctly.