Mortgage Grapevine
Loan scenario: NJ, $300,000, 660, 100% LTV, Purchase, full, OO
State: NJ
Amount: 300,000
Property type: MF
Documentation: full
FICO: 660
LTV: 100%
Occupancy: OO
Loan purpose: Purchase
Commission job for 8 years. New Job selling payroll for 5 months. $40,000 base, $8,200 tax free for car, commission $5,000 average. Must use commission to purchase the size home he’s looking to buy, the loan wont work using just the base and car expense. Prospect would also qualify if could use rental income but can show past experience receiving rental income.
by loganzanki January 11, 2013 8:20 AM
you won't be able to use the commission income, it needs to be in place for min 2 years.
100% ltv are you seeking a usda loan ?
property must meet eligibility standard.
sound like you need to find as lower priced home.
by MikeM-NJ January 11, 2013 9:35 AM
The person has been in a commission job for 8 years. As for the 100 LTV its a VA loan, sorry i forget to put that in.
by loganzanki January 11, 2013 12:06 PM
applicants on VA loans must be active duty-
what the hell am I missing ?
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by UnioniMoney January 11, 2013 1:00 PM
Applicants for va loan do not have to be current active duty they just need to service the right amount of time. You need to get their DD214 and then check for their certificate of eligibility.
As for this person I have all of that.
by loganzanki January 11, 2013 2:28 PM
We purchase closed government loans (FHA, VA and USDA) down to a 620. The loan only has to meet guidelines and be insured. No overlays, no credit levels, we do not re-underwrite and we purchase non-recourse. DU eligible or manual underwrite.
If you are acting as a broker we also may be able to assist.
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danninos@colossaecapital.com
(516) 584-4FHA
by DANNINOS321 January 11, 2013 2:54 PM
USDA:
Doesn't do multi-family to 100%.
Going to need 10% minimum on any MF home.
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by richardloan January 11, 2013 3:56 PM
DANNINOS321
If we had the client contact you direct would you be able to help him? Would you be able to cover come the issue of changing sales jobs and being able to still use the commission?
by loganzanki January 11, 2013 6:05 PM
DANNINOS321
If we had the client contact you directly would you be able to help him? Would you be able to overcome the issue of the changing sales jobs and being able to still use the commission?
by loganzanki January 11, 2013 6:22 PM
Can you call or email me direct so we can discuss?
Thank you.
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by phil8990 February 5, 2013 9:08 AM
Hi,
I know this is sort of an old post, but I can help with a VA loan if you haven't already found a lender. Please feel free to contact me.
Thanks,
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Mortgage Banker
IFG Mortgage
NMLS # 169705
(Direct): 610-572-3355
Katherine.Frank@IFGMortgageCorp.com
by KatherineF1 February 6, 2013 12:55 PM
