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FAQs for Realtors

By
Mortgage and Lending with Stratis Financial

The seller wants to rent back.  Is that ok?

Yes.  The loan docs for an owner-occupied loan state that the buyer must promise to move in within 60 days and live there for a minimum of 1 year.  So the seller can rent back for up to 59 days, or before the close of Escrow.

I just had a bad apprasial done on one of my listings.  What can I do?

Depending on the loan program, you can provide better data, or write a letter stating where the mistakes are in the appraisal.  Either the appraiser will agree, and make the changes or not.  You will have success if the value or outcome is based on bad or faulty data.  If it is the subjective part of the appraisal then you may have an uphill battle.  Conventional loan appraisals are easier to have changed than VA and FHA.  Please note that the PMI companies are very careful to review every appraisal and will quickly realize if they think the appraisal was “stretched.”  Work to repeal the HVCC law. This has made the conversation and expediency of appraisals difficult, and the most qualified appraisers don’t get paid for their expertise.

My client is self-employed and has a lot of write-offs.  Can he still get a loan?

Yes.  He can still get a loan if self-employed, but he must qualify on the income stated on his tax return.
Some deductions will reduce their qualifying income and some do not.

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