Mortgage Q

NEW -> Contingent Buyer Assistance Program
<p>Waiting & Awgee,</p>

<p>You are correct about your definition.</p>
 
I am not in lending but at 50% LTV you still should be able to do a no doc loan with your partner's credit. I still see 70% LTV no doc conforming available from Indymac as of 8/17/07. Not sure if the rate will be more attractive than a foreign national loan from HSBC. Chevy Chase, or someone else though. My guess is your best off no docing this though.
 
<p>I just ran it through e-mits quick pricer:</p>

<p>It is acceptable.</p>

<p>50% to $400,000/Purchase/Primary/SFR/NoDoc = 7.00% on a 30 Year Fixed / No Prepay.</p>

<p>I was assuming an $800,000 purchase price, so the loan amount is under the conforming limit.</p>

<p>Is this really agency paper?</p>
 
<p>I would not be certain that Suff It could be on the loan (and on day-1 title), because of the lack of credit though.</p>

<p>Especially if it's agency paper.</p>

<p>Usually, minimum credit standards apply to all borrowers.</p>

<p>If not being on title right away, and not being on the loan is not a problem, then of course this makes sense.</p>

<p> </p>

<p> </p>
 
Considering equity-lending is at 65%, a loan at 50% is super-sweet.
 
I don't like World Savings because it would be an option arm but IIRC they were pretty liberal with citizenship requirements. Plus they have an option to convert it to a 30 year fixed. I hear that they/Wachovia is being one of the more aggresive ones these days.
 
I chuckle that we are taking someone with above 85k income as a NINA but that if the pricing works go with it! Since F&F are buying and there is substantial equity the risk is low anyways.
 
I think it's more than citizenship. There is a credit history problem as well.
 
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