All Forum Posts by: Daniel Coleman

This would be amazing if true.  I appreciate it.

Correct me if I am wrong, but you are quoting guidelines for Fannie Mae with FHLMC 998 correct? FHA doesn't mention this form in HUD 4000.1. Also comps are near impossible to challenge because the appraiser refuses to acknowledge them as separate houses (which they are) and the only thing close are actual 4 plex apartments over 10 miles away. The location of this property is more rural with all single family homes nearby. Closest comp I could find was my own property 3.8 miles away and it is a 900sq ft duplex that according to him was too far.

Home Possible is not Possible at my friends income level.  For the area it would need to be under 76k/year.

 We were told its 75% here in Washington State. 

Hello All,

I am actually helping a friend who is trying to purchase a quadplex, but a very unique quad plex.  THis partular quad is a single parcel, but actually is as follows:

2bd 1 bath 1100sq ft SFH

2bd 1 bath 900sq ft SFH

1bd 1 bath 660sq ft duplex

Studio 450sq ft duplex

This is the issue. The FHA appraiser appraised the value fine, but when he appraised the rents he is WAY off. Not to mention first off the rents that have been collected are as follows:

1050- 2bd 1100sq ft 

1000- 2bd 900sq ft

920- 1bd

800 -studio

FHA Market rents based on appraisal:

1120-2bd 1100sq ft

770-2b 900sq ft

575-1bd

400-studio

The PITI is around 2460 while this only hits 2148 after the 25% vacancy rule for FHA. I have provided comps closer (3.8 miles away) compared to the comps that the appraiser used (10 miles away) and he says he wants something closer. Also the appraiser used actual 4plex apartment buildings as his comps where this is nothing like that. My question is what options do we have to convince the appraiser, does anyone know of a conventional mortgage for a owner occupied 4plex that is less than 25%?

thanks in advance