Do any lenders here work with the Fannie Mae delayed financing exception program (pages 220 –?

Asked by Neemast, Studio City, Los Angeles, CA Tue Oct 30, 2012

222):
https://www.efanniemae.com/sf/guides/ssg/sg/pdf/s My name is Neema Tabar and I’m an investor based in California, currently investing in Atlanta Georgia. I’m purchasing bank owned properties in cash and would like to know if any lenders here work with the Fannie Mae delayed financing program. Link to the program is below (pages 220 – 222):

https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel062811.pd…

I currently own 5 financed investment properties, and the loan amounts on the properties I’m purchasing in Atlanta are in the $30k-$40k range. If you do work with the program, are licensed in Georgia, and can lend on those amounts, please provide your contact information and the following so I can compare with my existing lender before moving forward.
1. Minimum Loan Amount you work with
2. Fee schedule and closing costs
3. Current Interest rate
4. Realistic time period to expect on closing loan with you

Neema Tabar
neema.tabar@gmail.com
949-705-8486

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Answers

3
VELINDA, , Houston, TX
Fri Feb 7, 2014
you can cashout up to 70% in the first 6 months. Chcek for a lender who has Caliber Funding as a wholesaler.
0 votes
Robert Robbi…, , Atlanta, GA
Wed Oct 31, 2012
Neema,
We have several lenders we work with as a broke that offer Delayed Financing Exception, infact I am working on 3 properties as we speak. However, Rodney is correct. The loan amounts you are referring to are too low. We can't possibly pass the "High Cost Test" on a loan this small and be allowed to earn any money from it. The Big National banks like Wells and B of A could possibly do it but you'll wait nearly as long as it takes to get normal 6 months financing on them.
If you find homes of 75k+ and above, we can get you 70% of the purchase price plus closing costs back and take care of your needs. Contact us with any larger priced homes.

Thanks and Best Wishes,

Rob Robbins
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
Office 678-578-7613
Cell 404-932-5353
rrobbins@cmghl.com
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Wed Oct 31, 2012
Yes, but that loan amount range will be more difficult. At Prospect Mortgage, we do not have a minimum loan amount, except for renovation mortgages. All Renovation Mortgages do require a $50K minimum loan amount. While other loan programs do not have a set minimum loan amount, all mortgages must pass the various Federal and State fee compliance tests for predatory lending. Generally, loan amounts under the lower $30K's will not pass those required tests.

Once you have 5-10 financed properties, Fannie Mae will limit the LTV to 70% of he lesser of the slaes price or the current appraised value.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
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