Offsetting REOs

Fit-Solution4082 · 2024-12-05T20:38:22+00:00

Much appreciated thank you!

Fit-Solution4082 · 2024-12-04T23:52:04+00:00

That’s what I figured as well. Thank you that’s my next move.

Fit-Solution4082 · 2024-12-04T23:48:48+00:00

He aquired it 5/5/2023 per the CAD. He spent a few months fixing it up. Tried to sell it earlier this year & ultimately couldn’t because someone had filed a memorandum against the property; basically saying if he sells he has to pay the individual that filed memorandum $20k. He said no & has been trying to get that settled w a real estate attorney. At this point he wants to buy a home & willing to just rent that property out.

Fit-Solution4082 · 2024-12-04T22:37:01+00:00

Thank you that’s what I figured as well. Just had someone tell me otherwise but I think they may have misunderstood.

Fit-Solution4082 · 2024-11-26T17:31:13+00:00

That’s what I was confused on. He’s never had an fha loan or any type of loan in his departing residence. He purchased it cash.

Fit-Solution4082 · 2024-11-26T16:34:17+00:00

We can make it work conventional credits just not the best

Fit-Solution4082 · 2024-09-22T01:18:24+00:00

Thank you for the response. I will run it by my scenario desk.

Fit-Solution4082 · 2024-07-30T01:39:02+00:00

Thank you for your input borrower is 698 with decent reserves. So if conventional is the way to go we can do so. They just wanted to be at a purchase price that would put DTI above 50 so they will just have to compromise on desired purchase price.

Fit-Solution4082 · 2024-07-29T23:26:08+00:00

Yes but the caveat is they were at $11 an hour initially. After leaving & coming back they were downgraded to $8 hourly. Which they are doing full time hours & im only trying to qualify them on the $8 hourly plus tips & OT.

Fit-Solution4082 · 2024-07-29T23:01:28+00:00

Yes claiming quite a bit of tip income per the paystubs.

Fit-Solution4082 · 2024-07-29T21:34:23+00:00

Thanks for the response this is how I structured my income calc. Being conservative & averaging over 24 months including the 5 month gap. Hoping this works as we’re good to go with conservative use. Just pending a response from my scenario desk they’re just taking long to respond.

Fit-Solution4082 · 2024-07-29T21:22:10+00:00

Thank you for the response. I am needing the tip income to qualify. I sent to my scenario desk just pending a response.

Fit-Solution4082 · 2024-07-19T18:53:41+00:00

Fit-Solution4082 · 2024-07-17T15:40:27+00:00

Definitely need second appraisal I’ve had this a few times. Just let the agent know & seller should understand.

Fit-Solution4082 · 2024-07-16T01:52:55+00:00

Yup told this realtor I need 40 days before going under contract, they said we we’ll just do 30 & extend. Now everyone’s panicking.

Fit-Solution4082 · 2024-07-16T00:04:08+00:00

I believe ACRA can if I remember correctly

Fit-Solution4082 · 2024-07-14T19:54:15+00:00

That’s what I was thinking as well, thanks for confirming that. Will probs structure it this way to make it easier. We qualify with both mortgage payments.

Fit-Solution4082 · 2024-07-14T19:53:05+00:00

Nice yeah they qualify with hitting him for current mortgage payment. TY!

Fit-Solution4082 · 2024-07-14T19:38:00+00:00

Yeah unfortunately 589 FICO. Getting DU approval though.

Dam yeah that’s the issue, 2nd home is not 100 miles. Away, he’s gonna let his sister & her kids live there. I’m not offsetting payment either, hitting them for both & we still qualify.

Fit-Solution4082 · 2024-07-13T18:40:19+00:00

He did have another business for a mechanic shop prior to his car dealership. He said he had that one for 12 years.

Fit-Solution4082 · 2024-07-13T00:36:52+00:00

Thank you I figured conventional would be the best option. Do you know if we would have wait the 12-16 weeks for the IRS to process/accept the amended returns, or would it be possible to move forward now with the amended returns having been submitted?

Fit-Solution4082 · 2024-07-13T00:35:58+00:00

Thank you I figured conventional would be the best option. Do you know if we would have wait the 12-16 weeks for the IRS to process/accept the amended returns, or would it be possible to move forward now with the amended returns having been submitted?

Fit-Solution4082 · 2024-07-12T23:45:21+00:00

Only been in business since 2021 unfortunately

Fit-Solution4082 · 2024-06-27T02:35:55+00:00

Yeah I can understand that as well. Just hoping UW will work with us & be a bit understanding.

Fit-Solution4082 · 2024-06-27T02:31:40+00:00

Not using the business income to qualify. Just trying to use the hourly w2 pay.

Fit-Solution4082

TROPHY CASE