Mortgage Q

NEW -> Contingent Buyer Assistance Program
I am not in lending but at 50% LTV you still should be able to do a no doc loan with your partner's credit. I still see 70% LTV no doc conforming available from Indymac as of 8/17/07. Not sure if the rate will be more attractive than a foreign national loan from HSBC. Chevy Chase, or someone else though. My guess is your best off no docing this though.
 
I just ran it through e-mits quick pricer:

It is acceptable.

50% to $400,000/Purchase/Primary/SFR/NoDoc = 7.00% on a 30 Year Fixed / No Prepay.

I was assuming an $800,000 purchase price, so the loan amount is under the conforming limit.

Is this really agency paper?
 
I would not be certain that Suff It could be on the loan (and on day-1 title), because of the lack of credit though.

Especially if it's agency paper.

Usually, minimum credit standards apply to all borrowers.

If not being on title right away, and not being on the loan is not a problem, then of course this makes sense.
 
Considering equity-lending is at 65%, a loan at 50% is super-sweet.
 
I don't like World Savings because it would be an option arm but IIRC they were pretty liberal with citizenship requirements. Plus they have an option to convert it to a 30 year fixed. I hear that they/Wachovia is being one of the more aggresive ones these days.
 
I chuckle that we are taking someone with above 85k income as a NINA but that if the pricing works go with it! Since F&F are buying and there is substantial equity the risk is low anyways.
 
I think it's more than citizenship. There is a credit history problem as well.
 
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