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craig@clcfunding
84 Posts |
 Posted - 11/05/2009 : 3:23:51 PM
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| Any help on this would be great!! I know I am asking a question that will get no's all around but this is a bit unique..Colorado, 77% LTV, 670 mid, 170k loan amount, property has a couple acres, BUUTTTT..it has a seperate living quarters that happens to be a manufactured house on a perm foundation. Is there any hope on this? they qualify across the board with everything else..any feedback is welcome!!! |
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KHufford
10407 Posts |
Posted - 11/05/2009 : 3:49:57 PM
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I would have the appraisal done and don't even include the manufactured home in any part of the valuation, if you do that and LTV is ok it should work.
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just in kase
1512 Posts |
Posted - 11/05/2009 : 4:04:57 PM
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| just not giving value to a seperate unit does not render it ok. the underwirter will review the property for marketability, zoning/county compliance, maybe considered two unit; since manu home, you will need to follow FHA manu home guidelines, and lender will place on FHA manu. i have seen two of these in the last few months in CA. one was a non perm fondation with cloud on title that read owners were to remove when transfered, other had to go to local credit union as it was turn down by 5 different wholesalers. |
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KHufford
10407 Posts |
Posted - 11/05/2009 : 5:35:42 PM
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quote:
Originally posted by just in kase
just not giving value to a seperate unit does not render it ok. the underwirter will review the property for marketability, zoning/county compliance, maybe considered two unit; since manu home, you will need to follow FHA manu home guidelines, and lender will place on FHA manu. i have seen two of these in the last few months in CA. one was a non perm fondation with cloud on title that read owners were to remove when transfered, other had to go to local credit union as it was turn down by 5 different wholesalers.
I see, but I would get it rezoned to two parcels then possibly...not sure if possible but maybe worth a shot.
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