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Old 11-27-2015, 12:45 PM
 
8,397 posts, read 7,396,508 times
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If the loan is for only 10% to 20% of the value of the home, a local bank would not make it difficult to get a loan. On top of a small loan, they would be able to make the first payment a year away, to give your husband a chance to get employed.

When you have a 80% to 90% value to loan ratio, they throw the normal standards out the window even today. They know that homeowner is not going to let the home be foreclosed on. It is just the opposite if you want a 80% to 90% loan to value ratio mortgage. Then you have to jump through all the hoops. What you want is just the opposite.

If you were in the city I was located in, and still in the business, I would just pick up the phone, call one or two bank presidents, and have everything arranged on the phone, and you would just go in and fill out the papers, and the money would be available to close the sale. As my baker friends always said, when the loan is very small and the first loan on a home, they have a lot of leeway t o work. They are not held to the same standards for your type of loan.
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Old 11-28-2015, 09:10 AM
 
Location: Southern New Hampshire
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OldTrader, you answered a question that was almost 7 years old ... a new person asked a new question yesterday (and the new question really isn't related to the OP's question). Wish C-D would lock threads after a certain amount of time ...
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Old 11-28-2015, 09:46 AM
 
Location: MID ATLANTIC
7,606 posts, read 17,664,631 times
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Quote:
Originally Posted by karen_in_nh_2012 View Post
OldTrader, you answered a question that was almost 7 years old ... a new person asked a new question yesterday (and the new question really isn't related to the OP's question). Wish C-D would lock threads after a certain amount of time ...
For some reason, this site encourages additions to old threads. I've had to catch myself several times.
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