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Nike (Nikki) Fasanya, aka Nike Knows Mortgages!
"Nike Knows Mortgages!"
- 4 Helpful Answers
- 37 Answers
Locations:
Profile Link:
Experience:
President for Marvel Ventures Mortgage, Inc
October 2000—present
Licensed to originate loans in Illinois and Indiana
Licensed to originate loans in Illinois and Indiana
Specialties:
- All FHA Products - Purchase, Refi, Rehab/203k, Reverse
- $100.00 downpayment HUD Repo Purchase/Rehab Loans ... show more
- $100.00 downpayment HUD Repo Purchase/Rehab Loans ... show more
Certifications
& Awards:
& Awards:
- CMC (National Association of Mortgage Brokers Highest Certification Level)
- FCRA ... show more
- FCRA ... show more
Interests:
- Borrower Education and Counseling
- Educating myself and discovering new ... show more
- Educating myself and discovering new ... show more
About:
- FHA Underwriter Certification in 1997
- CMC (Highest Level) NAMB Certification in 2008 ... show more
- CMC (Highest Level) NAMB Certification in 2008 ... show more
Nike (Nikki) Fasanya, aka Nike Knows Mortgages! answered:
BTW Jely33,
You know what would be truly incredible? If you got a letter from your County reducing your taxes DRASTICALLY because your property value has so "crashed". Betcha you don't....
My understanding (and I'm not an appraiser:disclaimer) is that an appraisal on a home not in distress should not have all distressed property as comps. Some Lenders will even allow up to 6 comps and allow you to go a little out of the immediate market if there is absolutely nothing but foreclosed properties in your market, to find regualar comps. I guess it depends on how conservative versus how aggressive the Lender is.
This is where the reason for the loan becomes important too. You would probably get better options with a rate and term refinance (to reduce payments) over, for instance, a cash out loan., or with an FHA over a Conventional loan.
I say look into other Lender options so you have enough information to make an informed comparison, and therefore, decision
You know what would be truly incredible? If you got a letter from your County reducing your taxes DRASTICALLY because your property value has so "crashed". Betcha you don't....
My understanding (and I'm not an appraiser:disclaimer) is that an appraisal on a home not in distress should not have all distressed property as comps. Some Lenders will even allow up to 6 comps and allow you to go a little out of the immediate market if there is absolutely nothing but foreclosed properties in your market, to find regualar comps. I guess it depends on how conservative versus how aggressive the Lender is.
This is where the reason for the loan becomes important too. You would probably get better options with a rate and term refinance (to reduce payments) over, for instance, a cash out loan., or with an FHA over a Conventional loan.
I say look into other Lender options so you have enough information to make an informed comparison, and therefore, decision
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