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*****
Join Date: Apr 2006
Location: Charleston, SC
Posts: 2,359
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Anyone here involved in underwriting? Mortgage woes.
Trying to covert my construction loan into a 30-year conventional mortgage.
We are supposed to close in 2 weeks. But yesterday I was told that the investor (BB&T) is going to value the house by acquisition cost or the appraisal - whichever is lower. Clearly the acquisition cost will be lower than the appraised value in my case. But the acquisition cost is going to be too low since the investors require a 75/25 Loan-to-Value in order to close the conventional mortgage. So I'm screwed. I'd like to know when this policy (of using acquisition cost) started being implemented. Anyone know?
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82 911SC Coupe Chiffon / Chocolate 9.5 JEs, 964 Cams, SSIs, Dansk Exhaust, CIS (SOLD) |
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02-09-2011, 04:33 PM
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