http://dc.streetsblog.org/2010/01/29/urbanists/ Your daily source for national transportation policy news and analysis. Thu, 09 Feb 2012 23:57:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://dc.streetsblog.org/2010/01/29/urbanists/comment-page-1/#comment-126881 rejected Mon, 01 Feb 2010 17:13:25 +0000 http://dc.streetsblog.org/?p=69361#comment-126881 @ J Winton, can you address this conundrum?: Last summer I applied for and was rejected for a refinance loan on a property I have >20% equity in by my original purchase price and ~50% by current assessments. Credit rating >=800. Wanted to go from 30 yr fixed to 15 with a lower interest rate and get a lower monthly payment too. The loan was rejected after about 2.5 months for the reason that the sq footage was below the min. for FHA loans. However I wasn't applying for an FHA for the refinance; and The property (a condo) is in an FHA approved building; and I originally purchased it 10 yrs ago with an FHA. I didn't follow up b/c a death in the family took my emotional resources. But I was left with the impression that if I wanted to/needed to sell this property I wouldn't be able to b/c it doesn't meet the current min. sq footage for someone else to get a loan to buy it. Do you know anything about this? @ J Winton, can you address this conundrum?: Last summer I applied for and was rejected for a refinance loan on a property I have >20% equity in by my original purchase price and ~50% by current assessments. Credit rating >=800. Wanted to go from 30 yr fixed to 15 with a lower interest rate and get a lower monthly payment too. The loan was rejected after about 2.5 months for the reason that the sq footage was below the min. for FHA loans. However I wasn’t applying for an FHA for the refinance; and The property (a condo) is in an FHA approved building; and I originally purchased it 10 yrs ago with an FHA. I didn’t follow up b/c a death in the family took my emotional resources. But I was left with the impression that if I wanted to/needed to sell this property I wouldn’t be able to b/c it doesn’t meet the current min. sq footage for someone else to get a loan to buy it. Do you know anything about this?

]]> http://dc.streetsblog.org/2010/01/29/urbanists/comment-page-1/#comment-124301 J Winton Sat, 30 Jan 2010 16:59:30 +0000 http://dc.streetsblog.org/?p=69361#comment-124301 As a residental underwriter, I think this is a good idea. To compensate for a risky collateral, the credit, capacity and capital needs to be strong. If the customer had 680+ credit, 30% downpayment with reserves and ratios of 28/36, this would be an acceptable risk. If someone gave me $50 Million or more as seed money, I would be agreeable to lending to people who meet these qualification on mixed use property. As a residental underwriter, I think this is a good idea. To compensate for a risky collateral, the credit, capacity and capital needs to be strong. If the customer had 680+ credit, 30% downpayment with reserves and ratios of 28/36, this would be an acceptable risk. If someone gave me $50 Million or more as seed money, I would be agreeable to lending to people who meet these qualification on mixed use property.

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