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loansforpahomes
58 Posts |
 Posted - 02/07/2008 : 4:40:32 PM
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Alright, I know, I'm digging here, but, seeking a 15 year fixed loan for the following scenario:
The good:
-779 Middle credit score (credit history is spotless)
-Not a first time home owner
-100k of verified, liquid reserves
-Full doc loan - can verify income
-DTI under 30 with housing payment
The not so good:
SFR, valued over 100k. On the same lot, a single wide, on a foundation, axles and hitch removed. It acts as a mother in law/guest suite. Its in good condition, and not fixed to the property, but sits right next to the SFR. It does not add to the property value at all. Has nothing to do with the 100k value.
This would be a family transfer. Borrower wants to pay 50k to parents.
Any suggested lenders who would do this at a reasonable rate?
Property located in PA. Thanks all for your assistance.
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sc312001
1049 Posts |
Posted - 02/07/2008 : 5:38:56 PM
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Can't you ask the appraiser to appraise it with no value given to the mobile home? They state that in the addendum & you should be good.
Even if lender wants to call it a 2 unit, you should be fine. |
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loansforpahomes
58 Posts |
Posted - 02/07/2008 : 5:44:40 PM
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you'd think..but I am getting lots of NO's!
The appraiser is glad and will do this even without me asking. Clearly the value of the SFR is very strong, and has nothing to do with the single wide.
quote:
Originally posted by sc312001
Can't you ask the appraiser to appraise it with no value given to the mobile home? They state that in the addendum & you should be good.
Even if lender wants to call it a 2 unit, you should be fine.
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kjake41
184 Posts |
Posted - 02/07/2008 : 7:31:31 PM
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if appraiser says no value to trailer,,,and his PICS and Addemdum doessn't mention it
you shouldn't have a problem capish? <sp> |
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