Need a loan program to fit our situation in Maryland (credit score, refi) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

triniboy · 12-10-2007, 02:53 PM

We are trying to refi after building a new house. It has been at least 6 months now and we are told we can now because it is seasoned. The builders quoted us a certain amt but of course that was a good faith but we didn`t think it would be that much more. Anyway, basically they killed us on the second and we are trying to refi.
Our appraisal came in at 760K, loans we have to payoff equal 730K that includes a third which is very small and it was also a personal loan which equals 40K..

We need to do a stated and I know there aren`t many if any 100% programs out there since all lenders stopped it. We are either looking for either a 100% or 95%.
Our appraisal came in at 760K, loans we have to payoff equal 730K that includes a third which is very small and it was also a personal loan which equals 40K..

We need to do a stated and I know there aren`t many if any 100% programs out there since all lenders stopped it. We are either looking for either a 100% or 95%.

Are there any programs out there that would fit our situation?

ChipL · 12-10-2007, 04:12 PM

Wow..that is a tough one..stated, cashout, high LTV...well, at least it's an owner-occupied

What are your scores?
What were you planning to do about the $40k personal loan? You don't appear to have the value to roll the 1st, 2nd, 3rd and personal loan into it.

triniboy · 12-10-2007, 06:00 PM

The 730K are all three. Credit scores high 6's.

renriq02 · 12-10-2007, 08:26 PM

you need to have a middle of 680 for each borrower.

95% will be 722......so that means you will need to pay 8k to bring it to 95% and to pay the closing costs out of pocket.

Is the 3rd lien recorded? If it isnt....I would only refi the ones that are recorded!!!!

triniboy · 12-10-2007, 09:18 PM

We know that already, the point is we need to find a loan program for us. Does anyone know of any lenders that would do a refi like this?

Yes the 3rd is recorded already.

renriq02 · 12-10-2007, 09:27 PM

you can post in brokeroutpost.com or brokeruniverse.com (grapevine)

post your scenario there and see if there are any lenders.

triniboy · 12-10-2007, 09:56 PM

Thank you for responding