- This topic has 14 replies, 6 voices, and was last updated 17 years, 4 months ago by
Trojan4Life.
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October 8, 2007 at 6:08 AM #10528October 8, 2007 at 9:40 AM #87313
guitar187
ParticipantFor the most part, 90% stated and 95% full doc is where we are at currently.
October 8, 2007 at 9:40 AM #87320guitar187
ParticipantFor the most part, 90% stated and 95% full doc is where we are at currently.
October 8, 2007 at 9:51 AM #87317Eugene
ParticipantFor the most part, 90% stated and 95% full doc is where we are at currently.
Presumably, you need FICO 700 to qualify for either?
October 8, 2007 at 9:51 AM #87324Eugene
ParticipantFor the most part, 90% stated and 95% full doc is where we are at currently.
Presumably, you need FICO 700 to qualify for either?
October 8, 2007 at 9:57 AM #87321guitar187
ParticipantIt depends on the loan amount, etc. But as a “ballpark” 660+. If you have an exact scenario I can give you a better answer on where the market is at specifically.
October 8, 2007 at 9:57 AM #87328guitar187
ParticipantIt depends on the loan amount, etc. But as a “ballpark” 660+. If you have an exact scenario I can give you a better answer on where the market is at specifically.
October 8, 2007 at 10:10 AM #87329cr
ParticipantGuitar I’m surprised to hear anyone would still fund NINJA loans, even with 5-10%.
I talked to a guy who works at IndyMAC and he said they are requiring 700+ FICO for subprime.
A former broker in SD said 5% down required, and stated income loans will go away.
October 8, 2007 at 10:10 AM #87336cr
ParticipantGuitar I’m surprised to hear anyone would still fund NINJA loans, even with 5-10%.
I talked to a guy who works at IndyMAC and he said they are requiring 700+ FICO for subprime.
A former broker in SD said 5% down required, and stated income loans will go away.
October 8, 2007 at 10:26 AM #87335bsrsharma
ParticipantAre there lenders still giving 95% LTV Jumbos even now? That sounds so risky in this environment (unless they have good mortgage insurance). Do you know if mortgage insurance is pretty much required for these?
October 8, 2007 at 10:26 AM #87342bsrsharma
ParticipantAre there lenders still giving 95% LTV Jumbos even now? That sounds so risky in this environment (unless they have good mortgage insurance). Do you know if mortgage insurance is pretty much required for these?
October 8, 2007 at 11:18 AM #87343guitar187
Participantcooprider14,
I do work with Indymac on a regular basis. They are one of the players that still have a decent Alt A jumbo prduct.
bsrsharma,
Yes, MI is required.
October 8, 2007 at 11:18 AM #87350guitar187
Participantcooprider14,
I do work with Indymac on a regular basis. They are one of the players that still have a decent Alt A jumbo prduct.
bsrsharma,
Yes, MI is required.
October 8, 2007 at 11:42 AM #87351Trojan4Life
ParticipantOne would hardly think that someone boasting a 700+ FICO would be considered a sub-prime candidate, would they?
Are we entering a new age where, much like where million dollar homes are not really worth $1M, the new “millionaire” needs to have $10M, and #1 ranked national football powerhouses need to actually play the game in order to win…700+ FICO scores don’t give lenders as warm a fuzzy as previously?
Yes, I was at the game…at least the Bruin lost and the Chargers won…
Freddie, Proud USC Trojan
October 8, 2007 at 11:42 AM #87358Trojan4Life
ParticipantOne would hardly think that someone boasting a 700+ FICO would be considered a sub-prime candidate, would they?
Are we entering a new age where, much like where million dollar homes are not really worth $1M, the new “millionaire” needs to have $10M, and #1 ranked national football powerhouses need to actually play the game in order to win…700+ FICO scores don’t give lenders as warm a fuzzy as previously?
Yes, I was at the game…at least the Bruin lost and the Chargers won…
Freddie, Proud USC Trojan
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