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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Low appraisals are the least of your problems. Posted by JK (the other JK) on April 07, 2009 at 7:39 AM In Reply to: Cash-Out Refi on SFR posted by Todd on April 07, 2009 at 2:39 AM : I own an investment SFR in San Diego free-and-clear that I just took off the market in early Jan. Area is rife with foreclosures, so my appraisals are coming in lower than I'd like thru BofA, but I have heard from several folks that BofA is doing what they can to limit loans, including being very low on appraisals so the fees no longer make sense for the borrower. : In short, I need a loan on a home that's been off the market for 90 days, has a tenant in it, is one year old. Value is probably 450-500 tops, and I'd like to cash-out up to 70-75% if possible using a conventional 30yr fixed. : Do any of the mortgage pros on teh board (CC, etc.) have any insight/tips on which lenders would look at this and potentially even contact info. : Thanks. Every conventional lender will probably require you to have TWO appraisals done. They will take the lowest one for value. The bigger problem is that the property is non-owner occupied and you want a boat load of cash out. What is your FICO, how much DOCUMENTED income have you earned for the last two years and how many mortgages do you have total? Follow Ups: Re: Low appraisals are the least of your problems. brianh 10:07 AM, 04/07/09 (3) Re: Low appraisals are the least of your problems. jimy 1:23 PM, 04/17/09 (0) Re: Low appraisals are the least of your problems. Todd 9:12 PM, 04/07/09 (1) Yeah it sucks. JK (the other JK) 10:28 PM, 04/07/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I own an investment SFR in San Diego free-and-clear that I just took off the market in early Jan. Area is rife with foreclosures, so my appraisals are coming in lower than I'd like thru BofA, but I have heard from several folks that BofA is doing what they can to limit loans, including being very low on appraisals so the fees no longer make sense for the borrower. : : In short, I need a loan on a home that's been off the market for 90 days, has a tenant in it, is one year old. Value is probably 450-500 tops, and I'd like to cash-out up to 70-75% if possible using a conventional 30yr fixed. : : Do any of the mortgage pros on teh board (CC, etc.) have any insight/tips on which lenders would look at this and potentially even contact info. : : Thanks. : Every conventional lender will probably require you to have TWO appraisals done. They will take the lowest one for value. The bigger problem is that the property is non-owner occupied and you want a boat load of cash out. What is your FICO, how much DOCUMENTED income have you earned for the last two years and how many mortgages do you have total? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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