All Forum Posts by: Lesley J.

If you have hurricane mitigation you can reduce your insurance costs, but they are really high. Mine is about $6500/year for an ordinary 3/2 house without hurricane mitigation, so check if the property has approved shutters and the appropriate roofing design (newer homes are more likely to have this).

Also HOA's in Florida are particularly powerful, and can lien you for allsorts of minor things.

If you own the home outright with no mortgage then you will have a chance at a positive cashflow, but overheads are quite big.

Lesley

Well maybe my rant had a magical effect because the loan got approved this morning!! :) still gotta get the new appraisal though...but better than no loan..

BTW: sorry for the Rant!

Yes I know that feeling too... I had a WF loan app, appraisal was done for about $425 or so. They then proceeded to turn down the loan app, but infuriatingly it was not because of the appraisal, that was fine. I was upset because if they knew they were not going to approve it for a different reason, then they should not make me pay for the appraisal. Then to add insult to injury they are refusing to allow another lender to use same appraisal.... ! I started this refi process in october,and it's now March!!!

I wish I knew the answer to your question, in this case I am beyond caring about the rate lock... I have had a loan in underwriting for 1 month... and they have yet to approve or deny it. I am refinancing out of a hard money loan, and the final balloon date is looming. They will not talk to me, only the broker.

Yes it is reckless and unscrupulous but I just don't know what to do next on this.

Thanks for the insightful replies...

if you look at the zoning map you can see that all of the properties look like mine. I have a very small lot (2 acres) but they all show the same mix of ag and residential. very "typical for the area".

I"m going to follow all of the suggestions made and see what happens..

thanks very much

where it says [b] it is supposed to say Certificate of Use. sorry for the typo

I am working on refinancing, and this house just happens to be my primary residence. So all i am looking for is a regular old morgage where the LTV is less than 50%??

After talking to a broker yesterday he got back to me today and told me that he could not get any kind of a good deal on a loan for me because my house in an area where the primary zoning is AU (agricultural). However it is recorded as residential single family and has a [b] stating that. If you are familiar with the Florida Redlands then you will know what kind of property i am talking about.

2 questions

1. I cannot imagine that all the homes in this area have no mortgages that would be silly. So why am i having this problem. Would not the CU for residential use override the AU zoning for lending purposes.

2. Assuming that the CU does not override the AU zoning even though the residence is perfectly legal, why are the mortgage rates offered so much higher?

I'm sure some of the experts in the forum will know how I can fight this problem?

Lesley

In the future, you can find a mortgage lender that holds the note (a.k.a. warehousing) for seasoning. You are running into this situation becuase they are going to sell the note and the investors has specific guidelines to which the lender must adhere.

For future deals, it might be a good idea to shop around to a more investor friendly firm.

Good Luck!

I appreciate this input.

Actually the loan is in Georgia even though i'm in S. Florida.

I have another refi that needs doing, do you have any suggestions for the above, either in Florida or Georgia??

I agree that the anti flipping does not apply and I think this is why I was considering it so unfair...

however i'll expect a 2nd appraisal next time.

what actually happened was:
I agreed to the 2nd appraisal but will not pay for it until the loan closes, which they were happy with so I suspect it's a formality or they would not have done that. It was ordered tuesday am:...