NOO Purchase Scenario - Unique Property

[jworley]

Hey Everyone,

Does anyone have any suggestions on where I might find a home for this loan?

-NOO Purchase in Georgia
-Unique Property; one half of a duplex
-Borrower score of 689
-Full Doc
-Sales Price of $53,608
-LTV at this point is negotible; the borrower just needs to get it done.
-Appraised value is $62,000
-The problem here is the lack of available comps for the subject property. the last recorded sale of a half duplex was in Nov. 2004 for $90,000; the last one before that was in 1995 for $47,000, so this is clearly a difficult property to get an accurate value on.

If anyone knows of a lender that can get around this issue, I can send the full file.

Thanks.

[Erik]

You might try First Franklin - they'll do exceptions on funky property types now and then.

[jworley]

Hmmm...I hadn't thought about them. Thanks, I'll give them a try on Monday.