Cash out refi

Barzelmckinney,

How is borrower's income? Also let us know about his credit, is it good?

Hi Barzelmckinney,

I have already forwarded the borrower's details to some of our community lenders. Let's see if they help him out with a loan. And, if they are interested, they shall contact you asap.

Thanks,

Brian Dela Cruz

"Can anyone help. I have a borrower that needs a cash out refi. On a second property in FL the appraised value is 215000 75%LTV FICO 661 an ARM I/O is okay. The borrower has over 10 properties and fewer than 20. Let me know.Thanks"

Does borrower has documentable income?

What about the present debt to income ratio?

How many years he has taken the mortgage?

Which state?

From the little you shared, I'm going to assume that your client is an investor (anybody that owns more then 3 properties falls into this category) and has exceeded the Fannie Mae cap on the number of properties owned/mortgaged allowed.

There is alot of info I would need to understand to better direct you---to name a few:

- FICO
- Title Seasoning of property being refinanced
- Cash Reserves
- How income/assets will be documented
- Property Type
- REO Schedule
- DTI
- Does he rent this property out?

The last question is the fraud test---the latest fraud trend for investor financing is the mischaracterization of a rental property in order to get better rates/terms (calling a rental property a vacation home).

Regards,

Scott Miller