90% LTV on a unique property.

AMPNATE · #1 (**permalink**) 04-25-2006, 04:07 PM

This client has an 803 mid score, 10% down payment, the property is unique because it used to be a Knoghts of Columbus Hall. She has over $135,000 in liquid assets, and claims $58,500 per year. Who can help me with thie loan? The purchase contract is $237,500, the property appraised for $320,000, but the comps aren't exactly the same. DUH! Any way, this is a good loan, and if I can get it done it will make us all happy. I believe there has been at least 10 other Brokers that tried to do it and didn't succeed.
But they don't have connections at MBL tho!!
Somebody hollar at me. They are remodeling the structure into a house.

Erik · #2 (**permalink**) 04-25-2006, 04:14 PM

Would this qualify for FHA rehab if the loan amount was within guidelines? Might need to put a tad more than 10% down, but could later be refi'd out of FHA.

deb_scfg · #3 (**permalink**) 04-25-2006, 08:57 PM

where is this property located. We have lending in all states. Send me the 1003 if you would like us to get you a qoute and conditions.
email: deb@sierra-capital-group.net

Greg · #4 (**permalink**) 04-28-2006, 11:36 AM

Deb he needs a rehab loan. Do you have this?

Nate... What is torn up in the house right now? As in what projects have started and not been completed and what structural problems at this time if any.

I will try to do some work on this and find out. Does the customer have a camera? Can they snap pictures so I can see the house in it's current condition?

I think our rehab may do it but the repairs need to be >50k.....

203k is rare but it would be the best. The certification and the process is way too time consuming for a loan officer to do and try to do refi and purchases at the same time. The work required is 3x that of a normal loan.

Greg · #5 (**permalink**) 04-28-2006, 11:39 AM

Wait... did you try to run DU and see if you get an appraisal waiver?

Did you try countrywide to see if you get one with them? They waive a lot on scores like that.

Try that first. So you can do it and make the $.

deb_scfg · #6 (**permalink**) 04-28-2006, 05:42 PM

do you want a rehab since its going to become a house or a construction loan? where is the property located ?But Yes, we can do rehab loans.

AMPNATE · #7 (**permalink**) 04-28-2006, 08:06 PM

Quote:

Originally Posted by deb_scfg

do you want a rehab since its going to become a house or a construction loan? where is the property located ?But Yes, we can do rehab loans.

Yes I want a rehab loan. The property is located in Missouri. I can fax you a copy of the appraisal because I don't have it in an email.

HisHouseMortgage · #8 (**permalink**) 05-01-2006, 09:37 AM

Try Indymac Bank. I can get you phone numbers if you don't have them