Profile picture for Chris Herford

Chris Herford

Lender

MLO NMLS 213886 (12 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
VA, FHA, 203K, USDA

Advice

  • (187 Contributions,
  • 2 Best Answers,
  • 100 Helpful)

Contributions are sorted newest to oldest.

Zillows New Lender Leaderboard?

Response

LMAO!  Thank you Captain Obvious! (insert Captain pose)  This limited viewing of a zillow page was worth a little eye burn.

  (0)
Need Wholesale Lender

Response

yes, feel free to have the customer call Jason Phillips.

  (2)
Was it all the complaints about the CIC for ZMM place?

Answer

thanks Rudi, but ill give credit where credit is due.. without dropping the dime on someone else of course, good job with this pic... you know who you are!  I cant see why GVD would want back on this horrendous site.. he seems to be doing great work with lender411.com.

  (0)
who can loan on an earth sheltered home, no will give you an appraisal to use as loan value

Answer

Talk to a mortgage banker before moving forward with this type of home.  Make sure they do not layer on top of Fannie Mae's guidelines.  Non traditional home guidelines state that the cost approach can be used instead of using the comparable sales approach  I have financed a few of these earth homes and as long as there are other non traditional sales to use as comparables you should be fine.  These dont necessarily need to be other berm, or earth homes but having one similar sale does help.

  (2)
who can loan on an earth sheltered home, no will give you an appraisal to use as loan value

Answer

Getting an appraisal on an earth home can be a little tricky as it is not a traditional home style.  The appraiser has to be able to find some sort of non traditional sales in the last year to compare to the property. As far as financing is concerned; Mortgage lenders who do not "layer" or add additional guidelines to Fannie Mae's underwriting criteria will more than likely have an easier time financing a non traditional property. I hope this helps!  Let me know if you have any other questions. Chris

  (1)
why has there been such a huge drop in value in the Jones, OK area in the past month

Answer

Jennifer is correct.  This has a lot to do with the price adjustments in Jones.  I question if the values in Jones weren't inflated over the past few years and if they are correcting for that area.  With short sales and foreclosures running rampant in our country, Jones may just be feeling the effect.  I recently financed a home that was new construction in Jones (one of the five Jennifer referred too) and the values (by sales comparison) for new homes seemed in line with the area. What age is your home and how much do you feel the value has dropped?

  (2)