lending: "Honey, it ain't got a kitchen!"
- 08/09/11 02:27 PM
So.. I have this listing... a stick-built 1985 basement home overlooking a pond, sitting on 5 acres. On the rear of the property is a 1970s single-wide trailer with a rear deck and above-ground pool. All one parcel. It's pretty clear USDA won't finance for this reason, not to mention the gravel road doesn't have a shared maintenance agreement. Anyone have input on what FHA or conventional may do? I've been told, depending on the underwriters, if the kitchen were removed from the trailer, it could be considered storage only. This wouldn't affect the loanability of the rest. Is this true? Similar situations, … (2 comments)
lending: Is there a such thing these days...
- 06/08/11 12:39 PM
as a lender lending to contract/self-employed buyers? Everything seems great from the beginning. The loan officer for my buyer's bank (very ubiquitous one that everyone has heard of) gathered documents, reassured us of the durability of my buyer's finances, etc. Today, it started drizzling on our parade. I'm hoping that's it's only a mere drizzle that will soon cease. Long story short - as much as possible - My client's income is certainly not a problem for the price range he's in. His credit score is nearing 800. Lastly, he has a car payment. ONE car payment. He, however, works in … (0 comments)
lending: Is This House Eligible For 100% USDA Financing? Check Here!
- 04/15/11 06:59 AM
Most of you seasoned brokers probably already have this link favorited, but for those that might not, or for you buyers out there still trying to get that 100% loan, check the official USDA Property Eligibility link here: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do and click 'Single Family Housing' or 'Multi' for condos/townhomes.
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lending: Listing a Multiple Home Property in NC
- 09/29/10 01:09 PM
I wanted some input from brokers that might have listed a property similar to one I will be listing in the coming days... It's a semi-rural 5 acre property in NC (great if you're a NC broker but I'm sure laws and procedures are similar elsewhere). There is a stickbuilt home as well as a single-wide mobile home using a shared driveway. I've heard it isn't loanable with the mobile home... so there are options: • list as a whole and only sell to cash buyers (upwards of $200,000) • survey off each home on the property and of course disclose … (0 comments)
The purpose of this blog is to keep consumers and REALTORS around the country informed about our pleasant little corner of the world: Charlotte, Lake Norman, and Lincolnton, NC!
So.. I have this listing... a stick-built 1985 basement home overlooking a pond, sitting on 5 acres. On the rear of the property is a 1970s single-wide trailer with a rear deck and above-ground pool. All one parcel.
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