Case Scenarios

Va loan with a 500 credit score, any way that has ever been done. Lady was married spouse passed and then she got cancer. Which she is cancer free now. So they have foreclosed on the home she is living in that was her husbands. She was not on loan. She is an RN, I know VA is not so much credit score. This below picture of info came from a Realtor friend. We would love to be able to help get some way, if possible purchase the home that foreclosed. She is still living in it still. She is an heir to property, so I was unsure how it would affect. As her name is on deed but not mortgage.

I was on a call, not sure which one about assignments. Commented, stating some lenders allow assignments, and buyers can close a loan with assignments. Did I hear it right? Like years ago, before Obama, my husband was flipping.

He helped a friend out, and we did some work. The buyer did a conventional loan. I did not do the loan. We did back-to-back closings,

Assignments have really gone crazy here. So, the state made some new rules because of it.

I personally think one was getting taken advantage of.

So I am asking that the form you provided us from Utah is awesome.

Can one do an assignment on a standard conventional loan? If so, I figured it would be just a few investors. How do I find them?

I am seeing opportunities with our new products. Where I may get a chance to get a foot in the door. My old-school investors, are now running investment groups and doing classes and things with them. A few of them are on a national level.

I will talk to you later about that and a few other things.

I am terrible at email.

• This discussion was modified 2 months, 1 week ago by  Sapna Sharma.
• This discussion was modified 2 months ago by  Sapna Sharma.

What are the Alternative Credit Tradelines, when and how to use?

Scenario: Borrower wants to do a Cash-out refinance. Property worth is $350K and she owes $157K.

Rocket Said that they can do a Refi Debt Consolidation in August.

Issue: Mortgage late: 08/2022

Recent Lates: 06/23 (2 tradelines)

Open Tradelines: 3 (car, and 2 CC)

FICO: 459

Thank you

I have a client with multiple 60 day lates on a mortgage in last 24 months prior to filing a chapter 13 bankruptcy..

If the mortgage is in the chapter 13 are those 60 day lates excluded from the manual underwriting guideline rule of no more than 2X 30 day lates on an installment loan last 24 months?

• This discussion was modified 4 months, 2 weeks ago by  Sapna Sharma.

I have a scenario where my borrower would like to renovate their current home (No Mortgage) and the cost for the renovation would range from $50-60K. She’s a Teacher, Salaried with a $52K/year. With a FICO 635 Credit Karma and just bought a new car.

What can we offer her or her options?

Thank you

Is it possible to alleviate your monthly debts without having to sell your home or refinance with another 30 year mortgage even if you have significant mortgage balance and credit card debt?

What happens if you are in the VA loan process and the property has issues and you can’t close? Can you just find another with the same price or less? Or does that mean you would have to file for court approval again?

I have a broker that is representing the seller in a transaction that is falling out.

Buyer has home listed in Canoga Park for $900k that they need to sell before they will qualify on a home.

Would it be possible to lend in this situation and if so what would be a range of possible rates?

I’m still collecting information but I’d like to give them some general feedback.

Best regards,

Taylor Gilmore

A borrower’s investment property is worth approximately $1.5M (CA 94551) and the first loan is amounting to $625K and needs to have at least $450K as a second lien. FICO is 738.

Greetings all, I have a commercial scenario, below are the details.  What rate could we offer?

commercial
refinance
in LA
on Westin
currently occupied to child care center
government program
DSCR is 1.49
building appraised for $1.2mn
$500k loan currently on property
mortgage she’s paying is $3500
income from child care center is $5400
good DSCR

You can email me at taylorgilmore86@gmail.com

How do 401k Loans Effect a Mortgage Application? Can someone get a mortgage if they have a 401k loan and does it count against them?

How long after a car repossession can I get a mortgage? Is there a waiting period? How can someone get a mortgage after they had a car repossessed and it shows on the credit report.

• This discussion was modified 2 years, 2 months ago by  Eric Jeanette.

One thing about mortgage lending is every case can have its own separate case scenario. There is always a unique case scenario for each individual borrower. We  will go over the hundreds of case scenarios we encounter as loan officers.