100% financing for NOO on the way out???

[Mdhaas]

I spoke with my AE yesterday and he was not aware of changes

[wisconsin investor]

too late, i just had one a few weeeks ago at Lehman (Aurora) and they turned it down even though it fit every single guideline.  something like, yes it fits all the guidelines but we just don't feel good about the loan and we have the right to not originate it.  i asked specifically why and they said investor had bbought one other property withn 12 months.

if you are at Lehman, Aurora or anyone who asells to Lehman start looking now for another home as soon as you can, even if the rep says "don't worry it's locked".

[mnkrouse]

Was the name of this(these) "holy grail" lenders ever revealed?  I am looking for someone who can do 100% LTV  N/O/O, 620 mid.  I would appreciate any and all responses.

[4EEM]

 

Can't reveal the name of the "Holy Grail" lenders lest the "Holy crusaders" call my office and chastise me about posting such valuable information.  

If your a broker you can find them on the grapevine.  If your looking for this financing for one of your own deals there are many keepers of the secrect on this board.

[Mdhaas]

Sir Lancelot: We were in the nick of time. You were in great peril.
Sir Galahad: I don't think I was.
Sir Lancelot: Yes, you were. You were in terrible peril.
Sir Galahad: Look, let me go back in there and face the peril.
Sir Lancelot: No, it's too perilous.
Sir Galahad: Look, it's my duty as a knight to sample as much peril as I can.
Sir Lancelot: No, we've got to find the Holy Grail. Come on.
Sir Galahad: Oh, let me have just a little bit of peril?
Sir Lancelot: No. It's unhealthy.
Sir Galahad: I bet you're gay.
Sir Lancelot: Am not.

Monty Python and the Holy Grail (1975)

Thought this was a great spot for a little "Holy Grail" humor.

[Investment Loans]

Brokers...you needed help...here ya go!
Investors...make sure your dealing with mortgage consultants that know their products and guidelines.  That's why many deals fail.

For all those who had access to The Holy Grail, be aware this product has been restructured as of 1/30/2006, effective 2/6/06.

Look under product announcements.

Anybody using Lancaster should also be aware that they have reduced all their NOO loans to 90% for reduced doc and have changed their seasoning requirements.

One other thing, anyone using ABC should be aware that they had major pricing adjustments awhile back to their Choice Expanded program.  Completey took themselves out of the market.  You won't want to quote your investor clients the wrong rates.

I recommend for all brokers to take at least 1 day a week reviewing over guidelines for new lenders and current lenders.  You guys would be amazed at what you can find.

[hammertime]

For all those who had access to The Holy Grail, be aware this product has been restructured as of 1/30/2006, effective 2/6/06.

Soooo you are saying that the once Holy Grail is no more?  That 100% financing is going the way of the 8 track tape?

By the way nice quote, Mark!   LOL