@Carrianne Mucho  we get into some good debates about CA appreciation and mid west cash flow LOL.... being on the lending side of the business for all these years.. it is hard for folks to understand why they cant get this little mortages IE 25 to 50k or really almost anything under 100k.for the mortage lender its a loser.. and now with maximum fee's that can be charged on some mortgages its frankly just a loser.people want to equate mortgage lending to POints and yield spread.. well there is no secondary market per say for these little nonowner occ investor mortgages so their is no yield spread so an LO is going to run a file for 2 points on a 30k loan  that's 600 bucks that's working for less than minimum wage.

Or are these just quotes from an LO there at the bank? 

I'm both licensed and a creative investor.Do you plan to live in the home or lease option it out (basically a sandwich l/o)? 

It is a great product for those who need it but make sure your LO actually takes the time to investigate the first option first. 

My LO provided other comps.

I am an LO at a DSCR lender known as Easy Street Capital.

This is not the case with Freddie Mac at the moment.So, if you do decide to go the residential route, be sure to explain to your local LO that you need to close with Fannie Mae, not Freddie Mac.

Oh I apologize, I didn't see the other response or your answer to it so disregard my first reply. so if I understand this correctly then you are wanting  to take control of a home in default by making an offer to buy it subject to the existing mortgage and then you want to assign it as LO and you will use the option deposit form the TB  to bring the mortgage current and pay yourself too right?

You'll have to go through them, and this is probably not the prime L/O candidate property.

The key to the seller talking the deal is that the seller can make more money your way (LO or SLO) Who is paying the agent?