Keep an open mind - Posted by Carol
Posted by Carol on February 28, 1999 at 06:36:40:
It’s amazing what good - and bad - things can happen.
Our first8 deals or so were with a large conservative bank who would lend up up to 95% of the TAX ASSESSED value, NO MATTER what else was going on with the contract (2nd mortgage, $$ back at closing etc etc).
Not only that, they did not require apprraisals (worked from tax assessed value) nor survey, if it was platted!
We were in heaven!
Did that last? Of course not. They were purchased by yet a larger bank who is not interested in those loans.
On the other hand, we had a loan refused last week because of an erroneous piece of information in a credit report, which has already been removed, and the relatively high number of inquiries that it has taken to get a lender to put the deal thru because of the now-deleted info!
You NEVER can tell. Talk to everybody and don’t be discouraged.
BTW the first lender was referred to us by a Realtor.