Conventional Lender in Durham NC Area ?

Question

Hi All,

Looking to do a cash out refi on a SFR that I own outright here in Durham NC. I spoke with Wells Fargo, but it seems they 1) will only go up to 75% of appraised value and 2) will only do 75% of final price if the property has been owned for less than 1 year (I have owned it for 8 months). Any recommendations for a conventional lender in the Durham, Raleigh, Chapel Hill area or possibly a lender in another part of the country that works well remotely? I can live with 75% of the final price but don't really want to wait another 4 months.

Thanks!!!!

Jim Manson · Answer

@Ham Merritt and @Chris Martin, thanks so much for the replies. I will connect with Envoy in Raleigh.

Ham Merritt · Answer

@Jim Manson & @Chris Martin Wells Fargo carries a lot of overlays on top of the selling guide. Your best bet is to stay away from banks and credit unions for conventional financing. You need to connect with a Mortgage Banker directly endorsed with both Fannie and Freddie. Directly endorsed Mortgage Bankers do not typically carry many overlays over and above the selling guides plus they have access to Freddie. I would help however, my license is only good for Wisconsin. Envoy Mortgage does have 2 branches in North Carolina you could reach out to as we are a directly endorsed Mortgage Banker. Hope this helps.

Chris Martin · Answer

Conventional lenders are all going to originate the loan and then sell it to a GSE (e.g Fannie Mae). They use the Selling Guide as their rule book, so I'd guess that from an underwriting perspective all the conventional lenders would have the same answer.