Subject: RE: Loan "number"
From: "Scheppele, John" <[email-masked]>
To: "Mike" <[email-masked]>
Date: Thu, 19 Feb 2009 08:29:20 -0500

Mike  
 
I had to leave the office yesterday at 4:00.  I reset the mortgage to a
sales price of 275,000 and putting 5% down, $13,750.  The housing ratio
is fine.  Your debt ratio is very close to the max that would be
allowed, but once you take your new equity line and pay the current
mortgage off we should be set because the monthly payment on your
current home will be about 1/2 of what it is currently.  We also need to
satisfy a requirement to show 6 months worth of reserves.  This is where
it will be important to show all savings, investments, checking and the
additional funds from using the home equity line.  I will call you today
to review.
 
John

________________________________

	From: Mike [mailto:[email-masked]] 
	Sent: Wednesday, February 18, 2009 5:51 PM
	To: Scheppele, John
	Subject: Loan "number"

	John,
	Can you call me so we can verify the amount we need to put
through?  I guess I need to know if we are going to have any trouble
with the financing if the debt to income ratio in a little too high at
the 275K pricing.  I am still working on getting them to pay at least a
portion of the closing costs but will not have a final answer until
Friday when we sit down to make the final details.  I want you to go
ahead and get things started so I just need to confirm what the numbers
would be in total.  Then I can give you a number for the loan. Please
feel free to contact me on my cell or call me at home if I am not
available at my work number.  Talk to you soon. 
	Thank you,
	Michael Bishop
	[email-masked] 

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