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I Am Seeking Opinions and Help in Placing a Mortgage - CT

Real Estate Agent with Prudential Ct. Realty

Hi Everyone - I am hoping by going to this group with my plight, I might get some help.  This is for a mortgage in CT.  I have a contract on a property that is 3 homes on 1 deed.  There is a cape that my buyers plan to live in and 2 smaller 1 bedroom homes on the proeprty, which are presently rented for $725 and $750.  The house overlooks a lake but is not waterfront.  The buyers are great buyers have good income, one is an atty., the other a computer consultant and have great credit scores.  We knew the appraisal was going to be tough because there are no like properties that have sold.  The appraiser took the income approach and used multi-family homes.  The appraisal came in fine, but was thrown back by the lender, because the other properties were not separate houses and wanted the appraisal done just based on the cape, totally disregarding the other 2 homes.  That doesn't work from appraisal standpoint and how can you totally disregard 2 other income producing properties?  In my mind having separate units would be worth more than a 3 family with people living over you or beside you.  This started as an FHA mortgage, because my clients wanted to use their cash to update the main house to their standards.  We have checked so far with I don't know how many lenders and we keep getting the same answer.  No one wants it, because they can't sell it in the mortgage market or the ones that will portfolio it want 20% down, because PMI won't write it they say.  Help! To me this should be no brainer with little risk.  The houses sold for $283,000.  Any and all input would be much appreciated.  Thanks.

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