With the mortgage processor?

[StartingOver10]

I will pm a couple of different LO's at different lenders and maybe you should call them to see what can be done. Both are in high resort type areas where second homes are common. 

[Anonymous]

Thanks, this is OBX, which from what I have researched and discussed is very difficult to get a mortgage on a 2nd home that rents also with only 10% down. Most lenders run besides the local lenders who understand and know how to process it.

[StartingOver10]

It is a very common scenario here - I'm in S Florida where we do a lot of second homes with a rental component (owner uses it during season and rents off season or vise versa). 

[Anonymous]

So do most lenders run because it is not typical and they don't know how to handle them? I have read the 2nd home while being able to rent is a red flag, the land having a high value compared to the property is a red flag, and oddly most homes come furnished which is also a red flag. Just trying to educate myself on this whole thing too.

[StartingOver10]

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@Anonymous wrote:

So do most lenders run because it is not typical and they don't know how to handle them? I have read the 2nd home while being able to rent is a red flag, the land having a high value compared to the property is a red flag, and oddly most homes come furnished which is also a red flag. Just trying to educate myself on this whole thing too.

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^^^Land value can present a problem. The other two issues are easily handled but that may be because we are in a resort area where there are lots of 2nd home buyers that rent out their homes for limited time periods (seasonal or non-seasonal rentals).  The furniture is normally not a big deal because it has zero to very small value in the purchase. If the furniture has any sort of value above a nominal amount, then it is typically handled outside the P&S contract here. 

So is your purchase a SFR on lots of land type purchase? Or something else?

[Anonymous]

It's a sfr, the furniture transfers for 1$, the land typically equals or close to the property value which is strange but that's how it is there, sample land=115, land=105?

[StartingOver10]

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@Anonymous wrote:

It's a sfr, the furniture transfers for 1$, the land typically equals or close to the property value which is strange but that's how it is there, sample land=115, land=105?

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Well, that is unusual...at least it is unusual in my experience, 

[Anonymous]

Yep, red flag for most and all lenders but I don't understand why?

[StartingOver10]

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@Anonymous wrote:

Yep, red flag for most and all lenders but I don't understand why?

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I don't know why, maybe the LO's that come to this site can tell us why.  Dpeezy? DallasLoanGuy? Shanethemortgageman? Other LO's?

[Anonymous]

I have a good friend that does mortgages and wouldn't touch it either, I called other locals in my area and same deal wouldn't touch it