[airics]

Geez.. getting a mortgage has become a pain in the butt for vegas houses... ok so i only tried countrywide..... House 1 vegas, through countrywide, bought in 2006.. 5 3/8% ... House 2 vegas, through countrywide, bought in 2/2008... 4 1/4%... attempting house 3 in vegas, countrywide wants 30% yes 30% down and 7.75% with 3 friggin points because it is an investment property... correct me if i am wrong but this is the worst deal yet..... hey at least i got a preapproval letter.. any ideas? oh my scores are between 690-720 and income is around 150k

[Daddys///M3]

That's no good at all. You should be looking at around 7% with 1 point, with maybe 20% down or 25% down at most. Of course this is based on certain assumptions, such as full documentation. This is just one of the lenders I work with, I could check with others as well.

Also, have you called David back? I believe he lost your number.

[airics]

havent had a chance to call yet.. also this is a stated income loan..

[Daddys///M3]

That's a tough one. Lenders have really pulled back on SIVA investment property mortgages, due to the fact that so many of them went into default. Of course those with skin in the game likely did not, but markets are reactionary and in many cases over-reactionary. I personally can't think of any lenders offhand that will even do a SIVA non-owner occ. That actually may be a very good deal, all things considered. I am about to take my son to a birthday party, but I will be back later on this afternoon. Let me do a little research for you when I get back and see if there is a better deal out there. I will say that unless you are self employed that many lenders won't even consider a stated income loan for you, and due to the new legislation as of 10/07, LO's and lenders are required to use a commercially reasonable means to verify that the amount of income stated is inline with your profession, which effectively kills the stated income loan in NV for tip earner positions (unless they are VERY good at saving up money). If there is any way at all that you could go full doc it would be a much better deal for you and more likely to close.

[airics]

i am self employed

[olecapt]

Originally Posted by airics

i am self employed

You can still document. I do and am self employed, among other things. You might also consider incorporating and paying yourself. You need a skilled CPA. I have one but unfortunately he is in CA.

I have a 19 year old client who is a college student and makes a documented 50K. Mom is setting up the daughter to always have super financials. Mostly a matter of declaring the desired tip income in this case.

[airics]

i found amerisave mortgage at 6% 2pts fixed no docs stated income investment prop

[Kabrasco LaFonz]

Was in the same boat. Had to shop around, Countrywide too stingy these days. Finally my bank (Wells Fargo) had a program... 20% down, 6.25% interest, stated income, good credit score, investment prop. You might wan to try Wells or BoA is you have an account at one of those.

[olecapt]

Originally Posted by Kabrasco LaFonz

Was in the same boat. Had to shop around, Countrywide too stingy these days. Finally my bank (Wells Fargo) had a program... 20% down, 6.25% interest, stated income, good credit score, investment prop. You might wan to try Wells or BoA is you have an account at one of those.

Airics - I have an exceptional lady at Wells who I use for all the routine stuff. Great service. So DM if you care. She only does Wells but is good at that. Been around a while. For other than standard Wells product I think I am going to try Daddy...who seems to have his head on straight. And if he does not do well by you...you can squeal loudly here...

Ohh I have absolutely given up on Countrywide. Leaning on my employer to cut the ties. The place is just gone and will end up a memory in the hall closet of BofA....

[Daddys///M3]

Originally Posted by airics

i found amerisave mortgage at 6% 2pts fixed no docs stated income investment prop

Amerisave is a broker. They use the same lenders every other broker does. According to their website 2 points will get you 7.125%, and that is at 75% LTV. That is pretty much in line with what most othe lenders will be able to get you, but there is still the issue of commercially reasonable. Every lender has a different method for determining this. Suntrust, for example, requires a salary.com printout. Ironically they will only do stated self employed, and salary.com does not have a category for business owners. A few will use assets, requiring that you have 6 months worth of the amount of income stated as asset reserves. Of course these lenders have more stringent FICO requirements. Many lenders have minimum FICO requirements of 720+ on any stated transaction. Of course we go off of the mid FICO and the days of 5 point exceptions are over.

I also wanted to point out that they are quoting 2 "discount points" at that 7.125% rate quote. However, looking at my lenders wholesale websites I see that 7.125% is about par pricing, or the wholesale rate. What that means is that these points are likely not bonafide discount points, but instead an origination or broker fee disguised as something else. It is also against the law (RESPA) to advertise rate without APR, which I noticed was missing from their website. I'm not trying to discredit them necessarily, but want you to be aware of who you are dealing with. There is alot more to getting a loan like this closed than FICO's and loan to values in this day and age.