brianb_cobbres
10-20-2005, 07:55 PM
I just got his from my existing lender.
"I have been informed that the Vice President for Credit Risk will only approve the loan if you are willing to put down 20% of the purchase price plus renovation costs. This is a definite departure from the terms and conditions that we have been receiving. This VP was recently hired to address a rash of defaults and foreclosures on these types of loans by enforcing tighter underwriting conditions. I tried to get this loan grandfathered under the old guidelines but this was turned down. I can get you approved with another Lender with terms similar to the old deal but that will require starting the process over and delaying the closing date by at least 2 weeks. I will await your instructions."
I am scheduled to close on monday but can extend for a week without sellers approval. The basic terms are
FMV - $184,000 from very conservative appraiser. Realtor BPO at $200k
Purchase price - $134,000 with 3% closing assistance
Rehab - $15-20K but I can fund all or some if necessary.
If you have a loan or money and can close quickly please call me at 678-907-4910. Credit is not an issue and I can provide full documentation.
"I have been informed that the Vice President for Credit Risk will only approve the loan if you are willing to put down 20% of the purchase price plus renovation costs. This is a definite departure from the terms and conditions that we have been receiving. This VP was recently hired to address a rash of defaults and foreclosures on these types of loans by enforcing tighter underwriting conditions. I tried to get this loan grandfathered under the old guidelines but this was turned down. I can get you approved with another Lender with terms similar to the old deal but that will require starting the process over and delaying the closing date by at least 2 weeks. I will await your instructions."
I am scheduled to close on monday but can extend for a week without sellers approval. The basic terms are
FMV - $184,000 from very conservative appraiser. Realtor BPO at $200k
Purchase price - $134,000 with 3% closing assistance
Rehab - $15-20K but I can fund all or some if necessary.
If you have a loan or money and can close quickly please call me at 678-907-4910. Credit is not an issue and I can provide full documentation.