Here’s some help - Posted by GregN
Posted by GregN on March 24, 1999 at 13:36:19:
My wife was the one who talked about the loan at the convention.
We looked into a bit more when we were recently negotiating with an out of stater who didn’t want to handle his beat up home anymore. Turns out the 95% LTV is the maximum ARV you can borrow up to for purchase price and repairs (and have your new buyer assume). The problem is the investor has to put down 20% of the purchase price + estimated repairs, then funds are escrowed for the repairs and you take them out as needed (similar to a 203k, I would imagine). Who does the repair estimation?? I think that depends on your locality.
Please keep in mind that I’m not a mortgage broker, I hate taking loans in my own name, so obviously… I don’t know much about the process in general.
My advice… and my wife is probably going to kill me for this… e-mail me at NORMAN_GREG@TMAC.COM (please put FANNIE MAE in the title) and I’ll send you an excel spreadsheet of folks Fannie Mae has on their list of folks who work with the loan (by state). This would be a good starting point.