That’s a screen name for one of the regular posters here who is in the finance biz and is frequently called on for expertise, give it a day or two and he will be able to give you the answer when he sees this.
On a side note, what gives? 700k, 100%, stated. I hope you have done your homework and have the income or some lottery payment coming, that move is so 2005. That’s how we got here in the first place. I feel like I just walked by some a town sqaure in Germany and there is a short guy with a mustache giving an angry speech to a crowd of people thinking “oh god, not this again.”
The rate is going to blow, jumbo’s just shot up and the market is about as interested in loaning money for a loan like that as it is loaning money for people to take to casinos, they are fairly certain they aren’t going to get it back.
That’s a screen name for one of the regular posters here who is in the finance biz and is frequently called on for expertise, give it a day or two and he will be able to give you the answer when he sees this.
On a side note, what gives? 700k, 100%, stated. I hope you have done your homework and have the income or some lottery payment coming, that move is so 2005. That’s how we got here in the first place. I feel like I just walked by some a town sqaure in Germany and there is a short guy with a mustache giving an angry speech to a crowd of people thinking “oh god, not this again.”
The rate is going to blow, jumbo’s just shot up and the market is about as interested in loaning money for a loan like that as it is loaning money for people to take to casinos, they are fairly certain they aren’t going to get it back.
3 months ago that would not have been a problem. Though you will be hard pressed to find a lender today that can do it. Stated “self employed” has a better shot than stated “wage earner”. Also, the assets would have to be significant.
That is the type of loan that many lenders put a freeze on as of friday. It falls into the Alt-a category. Underwriting guidelines on these types of loans are changing by the hour.
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Bottom line is it was a common loan up until a few months ago. However with evey new day and another hedge fund explosion on wall street the number of lenders that would take a chance with that loan is shrinking.
3 months ago that would not have been a problem. Though you will be hard pressed to find a lender today that can do it. Stated “self employed” has a better shot than stated “wage earner”. Also, the assets would have to be significant.
That is the type of loan that many lenders put a freeze on as of friday. It falls into the Alt-a category. Underwriting guidelines on these types of loans are changing by the hour.
.
Bottom line is it was a common loan up until a few months ago. However with evey new day and another hedge fund explosion on wall street the number of lenders that would take a chance with that loan is shrinking.
