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Answers (5)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
What you are asking for is a portfolio lender. Portfolio lenders use common sense underwriting and will do exceptions. But when it comes to a previous short sale, foreclosure or BK their guidelines are more stringent than those you mentioned.
Happy funding, Rudi
Happy funding, Rudi
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
After working with so many clients, I have found a difference. Seems like the majority of clients are happier with a local lender Vs a big box bank. Seems like the performance, response, and keeping to what they promise are more in the local lender's favor. Every one has an opinion, after working with so many clients, seeing the different lending options first hand, I would work with a local lender.
Good luck.
Spirit
Good luck.
Spirit
- Jared Gruber, "Jared Gruber"
- Contributions:7
Community banks often have portfolio products, which means that they service and fund their own loans and thus can be more flexible with who they approve.
Yes, when they intend to resell the loan they will need to follow fannie/freddie guidelines.
However, I have obtained loans from community banks (which offered a portfolio product) personally, and have directed clients to do so, when that was the best option.
Yes, when they intend to resell the loan they will need to follow fannie/freddie guidelines.
However, I have obtained loans from community banks (which offered a portfolio product) personally, and have directed clients to do so, when that was the best option.
- wayne lancaster, "funds2"
- Contributions:1177
Savings banks, credit unions, community banks, etc can make loans and not underwrite to typical gov't loan guidelines. That is not common as they may want to sell loans at some time in the future.
You will need to do the leg work to find a source. You can start your inquiry with "do you underwrite according to Fannie/Freddie guidelines" when you make contact with mortgage loan dept.
You will need to do the leg work to find a source. You can start your inquiry with "do you underwrite according to Fannie/Freddie guidelines" when you make contact with mortgage loan dept.
Is getting a loan through a savings bank different than through a mortgage company?
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