Forgotten Your Password?

Need to Register?

Question Icon

We are approved for a traditional refi but the loan fell thru because of no comps.

I live in a rural area and there is nothing that has sold within 5 miles that has acreage. What are my options? by suziel_689_696 from , . Mar 2nd 2013 Reply


Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

Hi Suziel;I would need more information to assist you. What type of home do you have- is it a single family? is it a manufactured home? Are their other buildings on the property?What type of loan do you currently have? is it FHA, USDA, Fannie Mae, Freddie, your property may qualify for a appraisal waiver-Let me know if I can be of assistance,

Mar 3rd 2013
1
0
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Because the appraiser was not able to find comparable properties that have sold in a specific geographic range from the home you are looking to buy, most lenders are going to be scared to fund your loan. In today's lending world, lenders are much more cautious. If yours is the only home to have sold in a 5 mile radius in the last year, the lender is going to be reluctant because if you default for some reason, they will have difficulty selling the home to recoup their investment. I would suggest looking at a local Community bank that has a strong presence in the area you are looking at. Many times, they have a better feel for the local real estate market than the big banks do. Even if the big bank has several branches in the area, THEY are not interested in helping local folks that don't fit the cookie cutter mold. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 3rd 2013
1
0
Linda Miller (Linda Miller)
#2 ranked lender in Utah - 568 contributions

Suziel, what type of loan do you have now?

Mar 2nd 2013
0
0
Jennifer McCormick (JMcCormick)
#32 ranked lender in Wisconsin - 5 contributions

Suziel, there are a few unknowns and variables here that limits giving you a more specific and informative answer. The type of loan you currently have is a good question, also what type of loan product are you trying to refinance into? What is the acerage and what is it used for?

Mar 2nd 2013
0
0
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 225 contributions

It is difficult to give you any options with little information. Are you located here in TN. What type of loan do you currently have. If you have a rural housing loan or an FHA loan depending on the circumstances of the loan you may be able to refinance without an appraisal.I am located in TN, you can always give my office a call on Monday.

Mar 2nd 2013
0
0

Our loan is a FreddieMac traditional 30 year loan. The interest rate is 6.5. We have a stick built home on 30 acres in a rural area of Tennessee. The reason the loan fell thru is there is nothing that has sold in the last 6 to 9 months in a 5 mile range with that much acreage. What do folks in rural areas do if there are no comp sales. Our DTI might be a little high for some banks. It's around45%.

Mar 3rd 2013
0
0
Linda Miller (Linda Miller)
#2 ranked lender in Utah - 568 contributions

Have you looked up your loan on https://ww3.freddiemac.com/corporate/ to see if it qualifies for the Freddie Mac HARP program. If it does, you might be able to get an appraisal waiver. I have gotten loans through on this program with 45% debt to income. Contact one of the Lender 411 mortgage professionals in your area. They will give you good advice. Good luck.

Mar 3rd 2013
0
0
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 225 contributions

If your property qualifies for the HARP progam, then chances of getting a property waiver is pretty high. Under this program, it doesn't matter what your DTI, & usually the loan to value can go above 125% loan to value.I am in Murfreesboro, TN & can look up your property for you if you email me the address.nancy@homeequitymtg.com

Mar 3rd 2013
0
0
Subscribe to our news feed.