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How can I qualify for a fixed rate mortgage if there are no recent comparable homes sold recently

My home was appraised at $450,000 but the closest comparable sales are 20-25 miles away.  This does not meet my lenders requirements.  How can I still qualify for a fixed rate loan?
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December 19 2008 - Dover
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Zips,
I originate (and only originate "A" paper conventional  mortgages.. Appraisals (if no comps can be found with the restrictions on our backs) then the appraisal is not conforming  (ineligible for FNMA delivery)  honest appraisers and good LO's are great, but if you have a DOME home or a LOG CABIN or no comps within the criteria (an honest appraiser would tell you.. like they did already it would seem and the home is not conforming, you could have JESUS as your LO and the property would be ineligible.  I'm keeping it very real here as this is simply a collateral issue and nothing else.  Guidelines are tightening, not loosening.  If you contacted an appraiser and simply asked them if they could appraise your home with acceptable tolerances for a lender..?  They should be able to answer that question very quickly and easily without wasting your time.. It is a YES or NO...  We have big "eyes in the sky" critiquing all appraisals so, this will not "slip by" anyone in the CONV world if it will not pass all of them.  Happy Holidays.
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December 19 2008

The value of real estate has depreciated in most areas across the USA as you probably know. If your home is in an urban area most lenders will only accept comparables within a one mile radius, in a suburban area they will accept comparbles within a five mile radius, within a rural area they will accept comparables within a ten mile radius. Most comparables have to be within the past six months of the appraisal or no more than within one year. Lenders also have other guidelines in regards to square footage variances, lot size variance, age variances, room-bedroom and bath count variances, etc. If there are no comparables within the past six months to a year, which in this market may be not. You should see if your lender will accept older comparables up to three years old, if not I will search for other lenders that will accept your appraisal because some lenders will accept a further distance radius if there are no comparables found within the normal radius guidelines. I hope this helps.  ATH (623) 237-3561

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December 19 2008
First, find a good lender with a good honest appraiser. They know how to start "inching" back in time, expanding the search area for comps, and should be able to come up with something. As the trainer at my company, I have had many agents come to me recently and they were having problems doing a proper Market Analysis. You need a good agent who knows the market well plus a good appraiser. The appraisers have their own data base that might not be in Multiple Listing data an agent uses. If the agent knows how to search the tax records, they should be able to find these houses.
If you're in my area, I'll happily help you.
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December 19 2008
You probably can't.  at least for conventional lending (LOW FIXED RATES).  Hopefully, there will some potential exceptions made to help people like you.  We are experiencing appraisal issues for obtaining comps within 90days old in neighborhoods (no sales, just foreclosures), so although rates are lower..YIPPEEE!... it is not necessarily easier... NO SO YIPPEE...  Try a local bank that has FNMA product as well and they might have an answer for you.. Good luck and Happy Holidays.
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December 19 2008
 
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