Posts
24442
Joined
4/1/2008
Location
US
Edited Date/Time
1/27/2012 3:34am
Bank says you can't get a standard home loan if you have four or more pieces of property financed in your name. Doesn't matter your income or what you own. We were even buying down to a 2.75% rate for 15 yrs. but got booted. Now they want it financed in house at 5.83% with an escrow attached. Sucks for all of us who actually make an effort to pay our bills. Meanwhile, the foreclosures just keep stacking up. Who dreams this shit up???
Is this some law?
The Shop
Just one more benefit of trying to get ahead in this country I guess. Where is the soup nazi? No low rate for you!!!
If you are trying to purchase/refinance an investment property...then you are stuck.
Banks won't do investment loans to people with more than four financed properties (apparently that's to risky), but they will do primary residence loans to people with more than 4 financed properties (up to 10 properties).
Sure they could make money off selling you another mortgage, but not as much as they make selling off the paper and investing it in derivatives. They only want loans they can sell off these days.
They're more interested in gambling than loaning out money for profit.
If it's less than 10, you shouldn't have any trouble at all with your primary residence.
If the mortgage being delivered to Fannie Mae is secured by the borrower’s principal residence,
there are no limitations on the number of properties that the borrower can currently be financing.
If the mortgage is secured by a second home or an investment property, the borrower may own or
be obligated on up to ten financed properties (including his or her principal residence).
Fannie Mae's standard eligibility and underwriting policies apply if the borrower is financing a
second home or investment property and will have one to four financed properties; however, if
the borrower will have five to ten financed properties, the mortgage loan must comply with the
eligibility, underwriting, and delivery requirements described herein.
tyle
Pit Row
Wells fargo dragged there ass because they were so busy doing modifications that the process just finally ran out and they gave me shit about my income even though I gave them 3 years of tax statements, 6 months of bank statements, 2 months worth of paystubs. Everything. I guess they just didn't believe I made that much money. I work in a family business. My dad runs a car dealership.
With GA's own they gave me shit on the appraisal of the house. I did a bunch of modifications and upgrades and was in the process of doing 2 rooms that currently had no ceilings or floors because I tore them out getting ready to put new ones in. They gave me shit about income also and said I needed to get the work finished and get a permit before they could do anything.
Credit union said they couldn't appraise the house even though Wells Fargo appraised it less than a year ago no problem. They said they couldn't use that appraisal. I was like it's been less than a year and nothings changed so yes you can.
They just didn't want to do it even though I never been late on a payment in my life and been paying on this home for over 7 years. Plus, I wanted to do a 10 year mortgage-not a 15 or 30 and they still wouldn't do it.
Just pisses me off because people are getting modifications done left and right and those of us wanting to do an honest refi are having problems.
I just can't fucking believe it. I currently have 5.25% interest rate and 10 years left on my home and wanted to get to 3.5% on a 10 year or even 15 would be fine.
So pissed off about the whole fucking thing. Never had problems with refies in the past. Wells Fargo did a refi on this home 5 years ago when I got divorced so not sure what there problem is. Nothings changed except the balance of the mortgage is now lower and the appraisal was actually higher now than when I refied it 5 years ago. Just don't get it.
People bitch about how guidelines were too loose and everyone with a pulse could get a loan then whine when this gets applied to their situation. Sorry, it doesn't work that way.
Level, an appraisal is technically only good for one day(yes, we can use them older than that) as the next day another "comp" may have sold which would change the valuation model for the property. Thank government regulation that we cannot use another bank's appraisal. HVCC screwed consumers in the name of protecting them. Don't get me started on Dodd/Frank.
My biggest piece of advice is don't worry about which company you go through find a loan officer you trust. Good loan officers make sure they are working for a company which helps them fund loans because that is the only way we get paid! Ask around and get a referral or two and go from there. There are great loan officers and horrible ones at every bank, credit union, and broker shop. BTW, VERY FEW COMPANIES keep their own paper and if they do expect to pay more for it. Almost every loan is sold to Fannie/Freddie/Ginnie even when the original issuer retains the servicing rights...............................................
Easiest refi I've ever done.
The only crappy thing was the appraisal came in at 17k below what I paid for the house 10 years earlier. I still have 30% equity, but it sucks I pumped in approx 40k in improvements over those years and the house still dropped in value. I can't cry too much, at least I owe less than it's worth. Still hurts a bit to get that report though.
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