Posted by John on September 17, 2004 at 06:15:51:
I know a private lender that does such loans.
Send me an email as I can not email you.
We will need to go over the numbers that you did not mentioned in the
post. Also the source of the buyer’s 20%. Nothing too complicated.
John
Sub 40k sale in PA, bank besides WF loan on em? - Posted by Sean
Posted by Sean on September 16, 2004 at 11:45:00:
Quick run down.
Got a 35k house, bought as REO fixed up and have buyer. Buyer’s qualified 80% loan, everythings good to go… last minute their mortgage broker gets word bank wants 6 months seasoning (have 2 months currently). Bank likes buyer, likes appraisal, no problem with deal, just wants 6 months seasoning. Bank is Wells Fargo.
No big deal, find another lender. Unfortunately in PA at this point I can find no lenders that will go sub 50k other than Wells Fargo other than some that will go 60% LTV…
Does anyone know of any lenders or banks in PA that loan on sub 50k homes, purchase mortgages to B or C buyers at 80% or higher? Any help would be appreciated. I have spoken to many brokers in my area, they all say Wells Fargo is pretty much it for this case.
Any help definately appreciated.