to a part of the basement that was locked, and lo and behold, we found an extra 2 bedrooms and a full bath, and a kitchen; presumably an illegal apartment.

Originally posted by @Jay Hinrichs:Account Closed Hi Jay - You and I have spoken ad nauseum about buying on either Sub2 - sell on a Wrap,  and buying on Sub2 - and selling on LO, and how you have rescued poor sellers from neophyte OR Guru Graduates buying on sub2.My advice w buying on sub2 for most people - get on title and either fix and resell or quickly resell for cash, cashing out the seller quickly of the existing financing. 

And I been in Business for about 20-yearsnow.I speak Fluently Spanish:Hablo espanol, tengo experiencia trabajando con inversionistas,mi trabajo como Realtor, es buscarla mejor casa para una buena inversion para ti.Estoy dispuesto a conseguirte lo que tu estas buscando llamame sin ningin compromiso.Gracias.

The UW will then counter the loan as an investment property and require 20-25% down or counter it as a second home with conventional financing with a min down of 10-20%.This is what will happen if a loan officer submits the file as suggested above.It would have to be a pretty rookie mistake by a loan officer (LO) though to submit a file with out the property explanation and documentation because it would not put your file in the best possible light and achieve what you've intended to achieve.Is it possible for her to get a primary residence ?

@Ryan EllisAn assigned Lo agreement Mortg brokers don't likeI enter into a Lo agreement with seller w letter of intent to assign and get a fee from tenant buyer, then record the option, then charge an option release fee to buyer, keeping the same terms, option release fee is NOT part of original option, buyer needs to qualify w their own saved down paymentInterview a few mortgage brokers about FHA Mortg qualification 

First Question, did your LO evaluate your purchasing capability, based on purchase price, potential rents & etc.

I reminded the CU that Regulation B §1002.14 applies in this case and now my LO is requesting permission to release the evaluation to me.That said, I've never heard of a "liquidation value" appraisal being used for a purchase money transaction. 

I have a L/O in Lancaster county.

First property...makes it even worse.I asked a lot of questions but didn't make an offer, lo and behold the owner has since reached out to my agent multiple times saying he will take a deal.

Looking for an experienced LO for a loan that will need rehab funds built in for my buyers.