Posted by Charles Clark on March 07, 2003 at 09:43:12:
Dear Wellington,
You can get about any rate you want or need, but have to be willing to pay extra points to get there. You have great credit & etc, but please realize that prime rate loans are packaged to be sold on the market, and therefor have to be either 80% LTV loans or you have to pay insurance to take away the risk of the over 80% part of the loan. Another problem is that you say that you want to have a stated income loan, but prime lenders are not able to sell loans on the market when the stated income loan is over 90%. So I would suggest that you consider going to a lender between prime and sub-prime. They are called “alt-a” lenders. You can get what you want there, but need to pay a bit more in discount points to bring the rate down to where you want it to be.
Charles