I'll throw a wrench in the equation. I'm going to do my own loan, however, due to the change in the industry, my credit is such that I don't have to worry about identity theft. I've got 2 ways to do this. 1) Have my investor buy the house for me. In order to do this, I have to be able to get the house at or below 60 cents on the dollar. 2) Find a re-sale from a person (not short sale or pre-foreclosure) that is willing to sell the house at 80% of it's value. However, the contract price has to be at it's full value. Ex: Value is 150k. Sales price is $120k. Contract to be written at $150,000, however, seller will only receive $120,000. The equity will be my down payment. More equity, the better. There may be a tax hit to the seller, so they need to be outside of the capital gains cutoff time frame (no flips).
Step 1 takes about 3 weeks to close. Step 2 takes about 30 days to close. I choose my appraiser (or one recommended by you) or a BPO can be used.