All Forum Posts by: Michaela Manco

Bumping this to the top to see if I can get any more last minute advice before I start dealing with this today. This is a real bummer because we were expected to close Tuesday and my rate lock is expiring.

@Chris Mason thank you for your response. I wasn’t present while the appraiser was at the property, but this is what the appraiser is reporting to my lender had happened. The ad for the listing also read “the first level space could be combined with the second to make a three bed, two fall bath unit with some finish detail.” This was never my intent and I don’t know why anybody would even consider doing this with the property as rent that could be collected from the two separate units far exceeds the market rent for one combined unit. This deal has been an absolute nightmare. Everything from incorrect property taxes reported in MLS, to having trouble getting documentation from the seller. I do love the house and the financial aspect of it make a lot of sense, so I’d really like to do whatever I can to get it to the closing table.

Hello all,

I am under contract on a mixed use 3 unit property that I am acquiring with an FHA loan. About a month ago I was asked by my lender to submit a letter of intent for the property. My letter briefly described that I was intending to occupy one of the residential units, rent the 2nd residential unit and rent the 3rd commercial unit. My intentions were crystal clear to everyone from my realtor, the lender & even the listing agent overheard me talking about these plans during the initial showing and when I was at the property for the home inspection.

To my surprise, I was in for a shock today when the appraisal came back. While giving the appraiser access to the property the listing agent told the appraiser that the commercial unit and one of the residential units were going to be merged to make one larger unit. This was not my plan at all, I am using rental income from the other 2 units to help quality for the loan. The appraiser has written up the appraisal to reflect these "plans". Now my lender is diligently working to have the appraisal corrected. Has anybody had any luck having an FHA appraisal corrected? Do you have any tips for moving forward with this situation?

air horns work pretty good for scaring off dogs

Hello, Can anybody recommend a company for affordable flood insurance for a high risk property? I am interested in a property in Rhode Island and the flood insurance premium is going to be a huge factor in whether I decide to move forward with this property or not. Thank you

@Alex Cervantes it sounds like she might have an agency listing agreement instead of the more typical exclusive right to sell. If that’s the case she could still sell it herself without owing an agent a commision.

@Dylan Kembre if you’re looking for a multi-family you should be able to find a lender that will count a portion of the rents you will be collecting to offset a high DTI.

@Jay Hinrichs thanks for your reply. I have heard it can be a very slow process, do you have any insight as to why? Do you recommend this program?

@Michaela G. Do you have a source for this? I was under the impression that this was a common misconception and that derogatory accounts actually stay on your report for 7.5 years from the original delinquency date. Please correct me if I am misinformed. Thank you!

Credit karma shows your vantage scores, which isn’t what actual lenders go by. Check out the app myFICO. It’s about $30 a month, updates in real time and will show you your fico 8 scores. For an extra $10 a month it will show you your mortgage scores, auto scores, credit card score etc. These scores will update ones a month. I highly recommend this app.