In other words, 97% conventional financing truly does exist. We know that every single mortgage applicant’s situation is completely different ranging from their income, to credit history, to property type; but in many cases the approval of a conventionally financed home should not automatically be deemed unattainable with such a low down payment. I’ve been in this industry for years and years and have learned nothing should ever be assumed. Often compensatory factors can put a client within easy reach of an attractive interest rate or mortgage product.
The “existence of a closet” has always been the amenity Realtors reference. However, a listing agent recently had a home on the market as a 4/2/2. It was correctly assessed as a 3/2/2 at time of appraisal. And it wasn’t the closet in question in the fourth bedroom…it was the proximity of a bathroom.
The short sale process as we know it today is far more systematized than it was when these transactions began in earnest several years ago. The lenders in particular have gotten better in dealing with them. Overall, in addition to the Realtors who are becoming short sale certified, the other major players are getting in the game:
OK, so I had a great experience with the VA the other day. They are reputed for being a little difficult and connecting with them can require an investment of time, but that is just the fabric of VA loans. It is of course worth every minute when you need to keep a mortgage deal… Continue Reading Florida Home Appraisals – Everybody in the Pool!
I guess this was sort of inevitable. FHA is an entity that gave little credence to credit scores and has traditionally been more forgiving when it came to loan approval guidelines. Then you add in a little mismanagement, some subprime sludge and a dash of politics and you’ve got a pot of gold that just ran dry.