Got a 35k house, bought as REO fixed up and have buyer. Buyer’s qualified 80% loan, everythings good to go… last minute their mortgage broker gets word bank wants 6 months seasoning (have 2 months currently). Bank likes buyer, likes appraisal, no problem with deal, just wants 6 months seasoning. Bank is Wells Fargo.
No big deal, find another lender. Unfortunately in PA at this point I can find no lenders that will go sub 50k other than Wells Fargo other than some that will go 60% LTV…
Does anyone know of any lenders or banks in PA that loan on sub 50k homes, purchase mortgages to B or C buyers at 80% or higher? Any help would be appreciated. I have spoken to many brokers in my area, they all say Wells Fargo is pretty much it for this case.
Broker talked to them and after prelim saying they thought they could do the deal, came back with loan amount was too low for them to do… So beats the heck out of me.