I have two small second mortgages I am having difficulty placing, and one first mortgage. Number One is a 95% 2nd position, 586 middle score with no lates in last 12 months. Hitch is borrower had a BK in 1995 and a $190 tax lien in 1998, which is paid. Also had some small medical collections. Modular SFR owner occ. #2 challenge is also a small second 100% in file 568. Problem is two-fold, I only have 13 months seasoning with no verifiable prior rental history (lived w/ mother in law), and I need to use a co-borrower (father) who IS on title but DOES NOT live in this home. He is also the co-borrower on his existing 1st mortgage. SFR Owner Occ. #3 is a first mortgage owner occupied SFR STATED 95%LTV with 607 fico. All properties are in the state of Ohio, and I would prefer to use a FSB on the second mortgages so they can pay me.
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FIRST: “a 95% 2nd position” is NOT very likely, at all. If you mean a 95% “1st” w/a 586 middle score there are several source to do that.
SECOND “100% in file 568″ if you find a lender that will do 100% with this score PLEASE tell me who they are. Most lenders that will do 100% require at least a 580 middle score. The deal is still doable since they have been in the property for 12 months based on a Cashout refinance at appraised value. The loan amount will pay off the seller/owner you are good to go. If your client has been living in the property and contributed to the payments that dad made, you have a chance. If dad did not live there, who made the payments to the lender? If was your client then get cancelled checks. If the payments were made to dad then have your credit reporting company update the clients credit report to add dad as a creditor and use dad’s last name and “property services” as the management company and you have mortgage/rental history.
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