Posted on: 19th Sep, 2007 01:28 pm
hi....i have a super jumbo loan. $2 million purchase,LTV=80%, SFR, O/O, mid score 591, SIVA, CA, Wage earner, need option ARM, hybrid ARM or 5yr fixed ARM products. Borrower is a doctor and earns a lot of money. i know the credit score is too to go SIVA..Just curious, if you know of any lenders who can still dot his loan. Lenders only.
Thanks
Ravi
Thanks
Ravi
Hi Ravi,
Welcome to the forum.
The minimum credit score required to qualify for Stated Income Verified Assets (SIVA) loan is 620. So, the borrower cannot qualify for this type of loan with his mentioned score.
Moreover, with Option ARM and Hybrid ARM loans, the interest rates will vary and this could raise his monthly payments. So, if he can manage the rising payments, then he can opt for any of these loans.
Welcome to the forum.
The minimum credit score required to qualify for Stated Income Verified Assets (SIVA) loan is 620. So, the borrower cannot qualify for this type of loan with his mentioned score.
Moreover, with Option ARM and Hybrid ARM loans, the interest rates will vary and this could raise his monthly payments. So, if he can manage the rising payments, then he can opt for any of these loans.
May be the community lenders can help.
Hi Ryan!
Can you give me a list of community lenders who can do this loan. The borrower is even going to go full doc to make this deal work.
Thanks
Ravi
Can you give me a list of community lenders who can do this loan. The borrower is even going to go full doc to make this deal work.
Thanks
Ravi
i really don't know who does it actrually. let me find out. i need some time.
I've never done one but Wachovia says they do it. It's the only name of a real lender on my list. The rest are brokers and they will say anything. LOL Just joking of course.
