If an appraisal is needed, please get a link to pay for it from us.

Borrowers are not allowed to complete any of the work themselves as sweat equity.Loan to Value Calculations:The original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.Purchase: For a purchase money transaction, the LTV is determined by dividing the loan amount by the lesser of the “as completed” appraised value of the property or the sum of the purchase price of the property and the total rehabilitation costs.Refinance Transactions: For a refinance transaction, the LTV is determined by dividing the original loan amount by the “as completed” appraised value of the property.Eligible Renovation:There are no required improvements or restrictions on the types of repairs allowed.

After paying closing costs, title fees, appraisal, origination, underwriting, processing, legal and other fees, the typical refinance costs about 1.75 - 2.5% of the loan amount just in closing costs (obviously before people yell at me, this varies drastically by state, but having done loans all over the country I find this to be a pretty accurate estimate).  2) Keeping the average 2% cost in mind and the fact that people typically refinance when rates drop about .75% - 1% or more, I wanted to see if paying an extra point now when I was already paying all the closing costs to buy the rate down made sense. 1 point can get you between .5% - .625% off the rate depending on the days pricing and the coupon you are pricing. 

-STRs were essentially eliminated by the city, removing a potential investment class of properties-MF went from non-existent to overbuilt-Flips have been hurt by high interest rates and brutally low appraisals.

Lastly, the home needs to be rent ready so it can pass appraisal (cannot be under construction).

Just earlier this year I got my buyer below list price, a large credit towards closing costs, and it appraised for higher.

We bought for 200k I know there is a good bit of equity but didn’t get appraisal (~350k).

What people fail to realize with many seconds is these are desktop appraisals, which is not someone even visiting the home, and the CLTV also can be way off from the appraisal.So personally i agree, for my business - we see it as opportunity. 

The best rates will be NonQM and lowest cost as they don't force a commercial appraisal for example.

The tax rate is often 2.5%-3% of the appraised value.