Profile picture for Shane Butehorn

Shane Butehorn

Lender

Vice President of Lender Relations (11 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
HECM

Advice

  • (45 Contributions,
  • 1 Best Answers,
  • 5 Helpful)

Contributions are sorted newest to oldest.

Can I get a 30yr Mortgage on House with Large Acerage

Answer

Large acreage becomes problematic for lenders because of the unique nature of it.  Lenders want to lend on properties that are similar in nature to their peers because it is easier to quantify their value.  With acreage it is harder to get an accurate appraisal because you are looking for comps that have sold in the last 3 months and that are nearby.Small and local banks or credit unions will be your best bet on this.

  (0)
Commercial Mortgage

Answer

We have access to commercial lending.  Contact me through my profile if you would like to speak about it.

  (0)
Fannie Mae Ranks the Lenders

Response

Ocwen is hands down the worst company to deal with.  Good luck finding somebody to talk to that is within the U.S.

  (0)
Refinance Timing and "skipping" a Monthly Payment

Answer

You are correct in option 2 and how it works.  You are gambling a bit.  If anything happens to delay funding before the end of September you will go 30 days late and that will be a major problem.  I have used this method for clients in the past but I always make sure to allow extra time for rescission and funding to make sure they are protected.

  (0)
Qualifiying for a second home mortgage when primary home is an expensive rental

Answer

Most lenders will not even consider you until you have at least 2 years history of being self employed.  You might consider your income as high but they will want to see what you are reporting to the IRS after all of your write-offs and deductions.  That is the income they are going to use to qualify you.  So basically if you tell the government you make no money (to reduce tax obligations) you are saying the same thing to a mortgage company or bank thus reducing the likelihood of being able to get a new mortgage.

  (0)