Michigan Mortgage - Creative or L/C Refinance - Posted by A. D.

Posted by Devon on December 08, 2004 at 10:14:54:

I would have to use your mid score, meaning the 524. I could probably go to 90% LTV. The 95% is really pushing it, but I may be able to find you 95%. I think that you shoudl probably purchase from her. The only other thing you could do is quit claim you on the title, and then refi mom off… but also, refi guidelines are stricter than purchase guidlines (Don’t ask me why, I just know from experience). Shoot me an email. ddaughety@equityunited.com

Michigan Mortgage - Creative or L/C Refinance - Posted by A. D.

Posted by A. D. on December 07, 2004 at 15:20:17:

My mom bought a Michigan home in 9/04 & sold to me on land contract(unrecorded) as I had foreclosure in 10/03 showing up on Equifax only. Date of last activity for f/c is 3/03. Doesn’t even show up on Exp. or TU. Scores as of 10/27/04 are 506 (Efx - w/ f/c), 524 (TU) and 623 (Exp). F/C due to loss of a previous job. Income now $105,000.

Trying to refi to get mom off title. Need to use new appraised value vs. her purch. price. Home bought substantially undervalue as seller was relocation company willing to unload the home & take a hit on price. House just appraised at $381,000 vs $319,000 old purchase price. Appraisal has good comps., including 1 house that is almost the exact replica of the one and that sold for $390,000 in 8/04.

What is maximum ltv? General idea of rate and fees. Trying to do 90%-95% ltv (90% works) and seller second & seller concessions if purchase. I do not care if it is a refinance or a purchase; I’m just looking for a quick solution. Thanks.