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		Mortgage Forums for Brokers and Loan Officers > Mortgage Business > Loan Scenarios and General Mortgage Talk
Non-Arms Transaction

#1 (permalink)

03-11-2010, 12:31 PM

minhasnaveed minhasnaveed is offline

Newbie at a desk in the hall

Join Date: Mar 2010

Posts: 1

Non-Arms Transaction

I recently went thru an entire loan application with a mortgage broker, just to find out today that I cannot get a mortgage since I am related to the seller( my son)
These are the particulars:

Purchase price $175,000( subject to appraisal)
Loan amount needed $120,000
My credit score close to 800
Will maintain a LTV of 75% or less.
SF house built in 2006
This would be an Investment property for me. I own my own principal residence which is paid off.

Need help to find out who will lend at a competitive rate
Iam fine with 5/1 or 7/1 ARM.
Thanks

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