Hi all - I’m a broker in WA and was trying to get a deal done for a good client of mine here in town. He owns property that is currently rented out in Eden Utah. I wrote a pick a pay deal with World Savings a few weeks ago, and we were set to close tomorrow…the underwriter called me just now and notified me that upon review of the appraisal, World decided against doing the loan…
because the SFR is close enough to resort areas in neighboring towns that the home “could be rented out on a weekly basis…” …in which case World isn’t willing to do the deal.
Here’s what we need: 80%LTV Pay Option (MUST be a pay option), 636 FICO, Full doc, low DTIs, SFR NOO, approx $250k loan amount. Need to close ASAP. Please reply!
Anyone? I’m offering this deal up on a silver platter…just need it closed asap. The World appraisal is now no good, so it’ll need a new appraisal, but Title is done…we were supposed to close tomorrow!
I am a broker in UT andI specialize in investment proeprty financing. There a bunch of lenders that should be able to do that. I just priced it with Countrywide and they’ll do it and the turntimes in the Utah branch are pretty fast right now. If you need help doing it in Utah let me know and we’ll see what we can work out.
Traci Flynn
Envision Lending Group