| Author |
Previous Topic | Next Topic |
|
tom_559
48 Posts |
 Posted - 11/21/2009 : 04:13:13 AM
|
| Which lender whether it's FHA or Conventional doesn't really care? I have a client in Ca who commutes to work roughly 200 miles on a daily, weekly basis. |
|
|
|
tom_559
48 Posts |
Posted - 11/21/2009 : 09:44:51 AM
|
| Anyone? |
|
|
johnnyboy38109
4665 Posts |
Posted - 11/21/2009 : 12:23:57 PM
|
quote:
Originally posted by tom_559
Anyone?
My firm is correspondent, so I can't help you, but I would suggest before you get too far into this deal you investigate some 2106s. |
|
|
homebroker@sbcgl
9092 Posts |
Posted - 11/21/2009 : 1:09:23 PM
|
Does he telecommute and drive in once a week or so? Otherwise they are going to assume the property is NOO.
quote:
Originally posted by tom_559
Which lender whether it's FHA or Conventional doesn't really care? I have a client in Ca who commutes to work roughly 200 miles on a daily, weekly basis.
|
|
|
laubert
27 Posts |
Posted - 11/21/2009 : 2:00:35 PM
|
| I have never heard of a 50 mile rule, in my neck of the woods 50 miles is a 45 minute commute, but of course in some metro areas going 5 miles could take just as long. Based on numerous conversations with various DE underwriters I have both won and lost this battle. I think it is a matter of well documenting the file and explaining the borrowers position, how often they will have to commute it, if they are staying overnight when the go to the job, where they will stay i.e. with family, the company pays for lodging, etc.. Do they own another house? Will their job/boss write a letter to state their company policy of how often they have to come in etc.? Do they have family that will be occupying the house when they are gone at work? Why are the buying so far from work? Lastly and the big one: do they have a job that is conducive to this type of arrangement? I don’t think there is any bank that just “allows” it as that is just an invitation to fraud with people claiming it as the principal residence when they are really NOO. Note that I think it really depends on the underwriter you get. |
|
|
Hopland
4580 Posts |
Posted - 11/21/2009 : 3:15:56 PM
|
| Have the appraiser take a picture of the borrowers wife in the shower to prove they live there. |
|
|
tom_559
48 Posts |
Posted - 11/21/2009 : 9:31:30 PM
|
| Thanks for the replies guys. The wife lives in town(Fresno) while the husband works in San Jose(Bay area). He stays at a brother's place paying no rent during the weekdays. My 25 years FHA processor said no can't do from FHA. WJ capital said they could do but only at 90% LTV. |
|
|
laubert
27 Posts |
Posted - 11/22/2009 : 03:30:24 AM
|
| Okay now that you clarified this seems like it should be no problem. You should be able to get max financing using FHA. Just document, document, document..... |
|
|
the_mortgage_guy
3209 Posts |
Posted - 11/22/2009 : 05:51:22 AM
|
quote:
Originally posted by Hopland
Have the appraiser take a picture of the borrowers wife in the shower to prove they live there.
classic...thanks...needed that..too funny...
I gotta tell you , a few years ago, I actually would have thought that might solve the issue...and it probably would have. |
|
|
the_mortgage_guy
3209 Posts |
Posted - 11/22/2009 : 05:52:18 AM
|
quote:
Originally posted by Hopland
Have the appraiser take a picture of the borrowers wife in the shower to prove they live there.
classic...thanks...needed that..too funny...
I gotta tell you , a few years ago, I actually would have thought that might solve the issue...and it probably would have. |
|
|
frank drigotas j
5613 Posts |
Posted - 11/22/2009 : 09:19:21 AM
|
And don't forget the comp photos.
dollar |
|
|
ML
5117 Posts |
Posted - 11/22/2009 : 09:29:44 AM
|
I thought "the 50 mile rule" was if you're more than 50 miles from home, you can screw around behind your GF/wife's back?
|
|
|
Hopland
4580 Posts |
Posted - 11/22/2009 : 10:02:35 AM
|
quote:
Originally posted by dealmakerz
quote:
Originally posted by Hopland
Have the appraiser take a picture of the borrowers wife in the shower to prove they live there.
Oh, Ok, this time you're going to ask for permission first. lol
Ask who? The husband or the wife? |
|
|
tom_559
48 Posts |
Posted - 11/23/2009 : 06:20:50 AM
|
| Lols. You guys are must too hilarious. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
