---

Appraisal Range Killing Mortgage Option

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Guest	Posted: Fri Apr 08, 2011 5:27 am    Post subject: Appraisal Range Killing Mortgage Option Like 0 Dislike 0 Need help and advice. I find myself in an unusual situation in such an economy. My wife and I are totally debt free, employed, and have excellent credit ratings. We own two homes (paid off), one located in a Minneapolis /St. Paul suburb, and the other is a lake property. Home located in the cities is valued at 200K, the lake property at 315K. We would like to add on to our existing lake property - by building our dream retirement home. We are in the process of obtaining a construction loan for the project. Upon completion, we would like to convert the construction loan into a standard 30 year fixed mortgage. We are being told that conversion to a standard mortgage will be difficult as there has been no comparable sales of similar sized lakehomes for the past year. The range for such appraisals is 20-35 miles from the build location. The amount we are seeking to finance (about 350K) is not even two times our salaries. What options are there to get around the appraisal "range" and secure a mortgage. Without confidence from some mortgage institution that I can convert a construction loan into a mortgage upon completion - this project is dead. Can't even help get this economy going even if I wanted to.... Frustrating...
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Apr 08, 2011 7:30 pm    Post subject: Like 0 Dislike 0 Welcome Guest, You may speak to an appraiser as well as your mortgage lender is order to find out about the appraisal range and take their opinion as to whether or not you'll be able to convert the construction loan into a normal conventional loan. Unless proper comps are found, your property won't be appraised properly and you won't be able to convert your loan. _________________ Procrastination is the enemy of your financial success
raymond Community Expert Joined: 03 Jul 2009 Posts: 1191 Location: Irvine, California 28.24 Dollars($)	Posted: Tue Apr 12, 2011 7:15 am    Post subject: Like 0 Dislike 0 >>What options are there to get around the appraisal "range" and secure a mortgage. You won't be able to take out the construction loan unless there are comparables. An option is to downsize your construction plans, so the completed project is in line with the local comparables. _________________ Raymond Denton www.RaymondDenton.com

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0