Can anyone do a loan in a rural community in North Carolina?

Jeanette

This couple wants to purchase a home in NC for $70,000.00. I would like to refer them.

Jean

adonis · Posted: Wed Dec 12, 2007 9:45 pm Post subject:

jeanette, may be you can talk to some lenders here and ask them.

Caron · Posted: Wed Dec 12, 2007 10:22 pm Post subject: RE: loan offer for NC couple

Hi Jeanette,

If the couple is interested to purchase a home in NC, then they can send us their request for mortgage quotes so that we can pass it on to our community lenders who'll be able to offer them some help.

The lenders shall try to match their profiles with the loan requirement as stated by the couple and then if they find that they'll be able to offer such a loan, the lenders shall call you or the couple asap. I think you need to talk to the lenders so that they call you because you are the person referring.

Good luck

michelle · Posted: Thu Dec 13, 2007 4:54 am Post subject:

Please do not solicit clients here......Jeanette please contact Sam and she will refer you to a broker......Can you tell us more about the property......is it residential or just in a rurual area? Is it used for farming or anything along those line?

Cedric

ckalvesmaki · Posted: Thu Dec 13, 2007 7:17 am Post subject:

Good morning Jeanette,

Can you post a little more information about the scenario. Credit scores,income etc......if you have it.

evolovik26 · Posted: Thu Dec 13, 2007 7:24 am Post subject:

I might be able to help out but obviously need more information Smile

gmakerley · Posted: Thu Dec 13, 2007 7:48 am Post subject:

Please do not solicit clients here......Jeanette please contact Sam and she will refer you to a broker......Can you tell us more about the property......is it residential or just in a rurual area? Is it used for farming or anything along those line?

Jeanette · Posted: Thu Dec 13, 2007 8:15 am Post subject:

Investment property
middle score 613
$5000.00/mth
They already have the 20% down payment

This property might be only value at $50,000.00 after the appraisal.

gmakerley · Posted: Thu Dec 13, 2007 8:20 am Post subject:

guidelines currently allow 90% ltv for 1- or 2-unit investment property on a conforming loan; minimum credit score is 575, so that hurdle is met.
613 isn't exactly a pretty score, though; since this is all automated underwriting standards, other things such as reserves and the elements that created that score would have an effect.

i trust they wouldn't be buying a $50000 house for $70000 - presumably the price will be renegotiated subsequent to the appraisal, right? (Let's hope!).

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.07 Dollars($)

one of the reasons homes are not selling is that too many people want to sell it for more than its worth.

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