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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Yeah it sucks. Posted by JK (the other JK) on April 07, 2009 at 10:28 PM In Reply to: Re: Low appraisals are the least of your problems. posted by Todd on April 07, 2009 at 9:12 PM : : I have a small portfolio lender that does the following: : : MUST BE FULL INCOME DOCUMENTATION : : If owned for less that 12 months cash out refi to 70% of purchase price : : If owned for more than 12 months cash out refi to 70% of appraised value : : The loan is fixed for 7 years and carries a 3 year prepayment penalty, currently the rate is in the mid to upper six percent range. : : There is no limit on the number of investment properties. : Thanks to everyone. I will explore the various options. My issue is solely the appraisal. Approvals are in, I'm just not happy with what I can pull out out of the project after the appraisals. Don't forget Newton's law: "For every action, there is an equal an opposite reaction". 04 - 06 There was tremendous pressure on appraisers to push the values up. Now it is the opposite. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : I have a small portfolio lender that does the following: : : : MUST BE FULL INCOME DOCUMENTATION : : : If owned for less that 12 months cash out refi to 70% of purchase price : : : If owned for more than 12 months cash out refi to 70% of appraised value : : : The loan is fixed for 7 years and carries a 3 year prepayment penalty, currently the rate is in the mid to upper six percent range. : : : There is no limit on the number of investment properties. : : Thanks to everyone. I will explore the various options. My issue is solely the appraisal. Approvals are in, I'm just not happy with what I can pull out out of the project after the appraisals. : Don't forget Newton's law: "For every action, there is an equal an opposite reaction". 04 - 06 There was tremendous pressure on appraisers to push the values up. Now it is the opposite. [ 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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