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Updated over 8 years ago,
Fixed rate w/ a bank that hold notes in house - Worcester, MA
Hi all,
I'm looking for a 30 year fixed rate mortgage. My partners and I will be putting down 25% and this loan complies with Fannie and Freddie. However, we already had the appraisals ordered through a Commercial Bank when the financial structure of this deal was different (initially planned on using a mix of private funding and bank funding), and would love to use the existing appraisals (the Commercial Bank already agreed to release them, and the appraisal agreed to re-assign them to the new bank). I'm assuming I'll need a bank that hold the note in-house in order for them to use the existing appraisal (since that portion wouldn't comply with Fannie and Freddie).
Any advise?
Thanks much!
Joe