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Second Mortgage Question

edecision profile photo
  • Wednesday, February 25, 2004 @ 02:51 PM EST
  • 2 Comments

Hello,

I currently have a client who has obtained financing for the purchase of their new home, however, they are first time homebuyers and only have 5% to put down. I have prequaled them at 75% LTV, maybe even 85% LTV, but even with their 5% down will still need 10 to 20 LTV on a second mortgage to have a combined LTV of 100%. Any reccomendations on if this is possible to have another lender or private investor finanace the remaining LTV?

THanks, oh oh

Comments(2)

  • no photo
    SmileyFace25th February, 2004

    Are you a loan officer? What's your client's score? It must be really horrible, if he can only get only qualified for 75 or 80% or something.

  • no photo
    edecision25th February, 2004

    Yes I am a new loan officer and the borrowers are "credit Challenged"
    One borrower only has one FICO in the mid 500's second borrower has three scores, but very low - around 500 - 525.

    I have tried searching for lenders who will invest 100 LTV, but it's not happening with their scores. Any suggestions?

    Thanks

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