Need a lender : Construction Loan for 3 family in MA

frank64 · Joined: 06 Mar 2006 Posts: 4

Client wants to Buy a home for 125K that needs 130K in work.

95 LTV, FICO 675

What about FHA 203K? Most Lenders who do FHA don't seem to do 203K. I have a call into Countrywide, but not getting a call back.

My only other option is a NeiborWorks, Mass Housing Authority, but the people there are all on vacation and that would be giving the loan away.

Any help would be appreciated.

Frank

frank64 · Joined: 06 Mar 2006 Posts: 4

Forgot: Owner Occupied, Over six months reserves, no lates.

And Countrywide said no on 203K's. Any lender do them?

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Frank, are you a broker I take it?

I don't know if we do it on the wholesale side, but I'm a renovation specialist for Wells Fargo. Depending on where in Mass, my only concern would be the loan limit. The rest of course would come with further information about the file.

Let me know what questions you have.

frank64 · Joined: 06 Mar 2006 Posts: 4

Haplo, Yes- broker. The limits won't be a problem, I don't have it in front of me but in MA they are higher than 300K.

The biggest issue for non FHA financing is the 3 family.

Thank you. I am going to check on the wholesale on Wells Fargo. But your right, just because they are done on the retail, doesn't mean they are done on the wholesale side.

The offer from the client to the seller was denied and the counter way off base so it might be a mute point, but I would still like to find one.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

If absolutely nothing else, if we don't have it set up on our wholesale side, you can set up what we call a 'broker-in' agreement with our retail side. It's not nearly as profitable for you, and it requires a book that you have to fill out and get through our legal department, and you have to do some work...but at the end of the day it's money you wouldn't have had right? ;)

Let me know if that's something that interests you at all and I'll see what I can do to get you in touch with someone there locally.

chow · Posted: Fri Aug 18, 2006 9:47 am Post subject:

M&T Bank does them for brokers. Go here and select an area and see who pops up. You also have the same product available at Fannie Mae.

http://www.hud.gov/ll/code/llplcrit.html

Not every lender or branch wants to do these. They take a little more work, and the UW and operation has to be approved. Any broker can write them as long as the lender agrees to it.

Gilbert · Joined: 28 Aug 2006 Posts: 6 Location: Southern California

have you tried national city mortgage formerly accubanc? I think they will do it as long as they are detached (if I remember correctly)

Gilbert · Joined: 28 Aug 2006 Posts: 6 Location: Southern California

sorry I was skimming and thought the 3 family was units instead of familys. i would try Natinoal City Mortgage

Good luck