Loan Officer Dustin
Loan OfficerForum Replies Created
-
Hey, Felix. There is no way anyone is going to touch this. The borrower needs to get their mid-score over 500 to even have a chance of making this happen. Once 12 months have passed on the mortgage late, the borrower will technically qualify for an FHA C.O. refi. LTV looks good, DTI would be the next hurdle. What are the recent lates specifically? I would suggest you get the borrower working on the mid-score now so you are ready to submit by the end of August 2023. A rapid re-score is your only hope to boost that score. If the borrower’s DTI is low, you might be able to have them open credit-building CCs with Cap One & Discover. They would need to be very disciplined and proactive with those credit-building new lines of credit. Usually, a 459 tells you they are not and will not be disciplined.
-
@alexcarlucci Is your client trying to execute a C.O. Refi to pay off the debtors named in Chapter 13? If yes, contact your borrower’s lawyer and ask them to email you the proof of payment leger. If that leger is good to go with no payments missed or showing lates, the lawyer will email you a letter on company letterhead stating so. Then the judge will more than likely sign off on the transaction. Usually, that will force the underwriter to comply. You will need a 24-month bank transaction statement from the borrower as well.
-
This reply was modified 2 years, 8 months ago by Dustin.
-
This reply was modified 2 years, 8 months ago by
-
-
I would suggest you start with something you can work on yourself and drive semi-regularly. I bought a 2004 Subaru STI with all Cobb upgrades in 2010. It had the Cobb stage three everything. 450 HP at the wheels. It was a Porsche, AMG, M3 killer. Extremely lite weight. My top speed was 186 mph regularly on 110 pump gas. AWD, I could run with everything, and if I was in the canyons, good luck following me. My plate read EVO KLLR. I miss that car. I sold it in 2013 for a $10,000 profit. Find cars twenty-somethings will love when you are ready to sell.
-
I would highly suggest you spend an additional two to four weeks studying before taking the national exam. Make sure the school you choose has options for mach tests and a study guide that can be printed. It may cost you $100 or more to print the review book. In my opinion, it is well worth it. If you have a significant other or spouse, get them involved. Have them quiz you from the review book.
-
I would assume a bridge loan would be the way to go in this scenario. If this is an income property scenario a 1031 Exchange is important.
-
In my experience these past two years, FTHBs feel like they are getting ripped off due to the steep rise in housing costs, mainly due to low inventory. Skyrocketing rates do not help either. It is our job to get our borrowers to understand the advantages of owning their first home.
-
This is something I always encourage my borrowers to investigate at the beginning of my conversation with them.
-
This boils down to the L.O. knowing what lender to go with and what lender or lenders to avoid.