JVM is multi-lingual. We speak fluent Spanish, Korean and Mandarin. We are actively looking for a Cantonese speaking loan officer/analyst as well. Please email us if you know of any potential candidates.
We have a $250,000 loan and a $700,000 appraisal; the loan to value is 35%; the borrower’s credit is perfect; and his debt ratios are near single digits.
Yet, Fannie Mae is forcing us to pay $140 for an appraisal review because the appraisal came in “too high”. The appraisal could be cut to $420,000 and our transaction would still close as planned, and yet we are forced to pay for the review because of a Fannie Mae guideline.
This is why cutting the loan limit from $729,750 to $625,500 is not the end of the world. Fannie and Freddie impose so many irrational conditions that getting them and Congress out of the lending game sooner rather than later will eventually improve financing options for everyone.
Call Jay Voorhees at (925) 855-4491
Real Estate Broker, CA Bureau of Real Estate, BRE# 01524255, NMLS# 335646