REFI HELP

sirod · Joined: 31 Jan 2008 Posts: 6 3.26 Dollars($)

Spoke to Wachovia. This loan was submitted last month by BandC and was declined for both Portfolio and Agency/Conforming. The reason is because of the mixed use property in the area(between commercial businesses).
Loan amt, $240K , LTV is 74,OO propty,REFI,APV=278K,ratio 49,and has owned businesses for while .....CREDIT SCORE= MID=658 FICO

state income/state verify

Caron · Posted: Thu Feb 28, 2008 10:38 pm Post subject: RE: commercial loans

Hi Siord,

"This loan was submitted last month by BandC"

I don't understand what you're trying to say by "B and C". Please clarify this. So, you had a talk with Wachovia and they have denied you the loan. When you say missed use of property, do you mean you have used it as your residence as well as commercial property? Or is it that the property has been used for different types of businesses.

I guess you should talk to other lenders as well. Perhaps there could some lender in this community willing to offer you reasonable terms and conditions. Our community too has a group of lenders offering various types of mortgages for different kinds of borrowers. What you can do is, get free counseling from our community lenders and then request for free mortgage quotes. Oh by the way, some other members have responded to your previous query. Just have a look at http://www.mortgagefit.com/refinance/self-employed.html .

Good luck

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Hi Sirod,

I dont understand your post either. You need to go to a lender that will do mixed use properties. Fannie mae or Freddie mac don't do them. You will probably have to look at commerical lenders for that.

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