illegal one family???

BTW dont change your c COO if they really really insist buy a used fridgfe and stove on craigs list and put a slap dash kitchenettte somewhere two family status is valuable if you or a later owner ever wants a tenant to help with mortgage
 but I think Vanessa is right it shouldn’t matter simply tell the appraiser he was wrong its a two family and he  should put that on the appraisal the fact that you are using it as a one family is perdectly legal and fha does up to four family

it would be a different situation entirely if you were using a one family as a two family in which case i would say take out a kitchen at least temporarily

michaelmilesryan

in Mortgage 13 years and 8 months ago

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semigli | 13 years and 8 months ago

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I am trying to refinance my house but am running into trouble.  The house is set up and used as a one family but has a COO of a two family.  It was appraised as a one family and everything was fine until the FHA said they won’t approve the refinance because it is an illegal one family.  Has anyone ever run into this?  How hard, expensive, time consuming is it to switch the COO?

pigthree | 13 years and 8 months ago

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Was it sold to you as a one family?  Might have a case against the title company.

jockdeboeraia | 13 years and 8 months ago

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It happens all the time, you will need drawings to file showing the changes.  At least it is eaiser going from a 2 to a 1.  If you have not closed yet, see if the owner will put into escrow the funds needed to correct this.  If you need an architect, give me a call.  There are several of us architects here on the board.

vthatcher | 13 years and 8 months ago

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FHA doesnt make that decision.  If you would like to email me your appraisal I can give you some advise.  The bank, may require the CO, but FHA does not.  If the appraiser appraised it as a 1 family, we can use your appraisal with another bank and close te deal.  Feel free to call me tomorrow.

Vanessa Thatcher
_vthatcher@athccorp.com
ATLANTIC HOME CAPITAL_ Tel: 631-687-3510 x106 EFax: 631-918-5222 Cell: 631-672-4113

vthatcher | 13 years and 8 months ago

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PS- Title would not have know what the use was when it closed, they do not enter the property.

michaelmilesryan | 13 years and 8 months ago

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 Vanessa rocks if she says she can do something believe it!!!! After THREE mortgage brokers promised all sorts of things nd wasted 16 months of my life on a whim I followed up on a post I saw on this site and tracked her down thinking id just sound her out on a few things that didn’t seem right. Because God know the last thing I ever intended to do was go through another application process {I actually had the commitment at that point but terms were suddenly changing}  By about 30 minutes into that call I was forwarding her a tenth of the documents the other broker wrung out of me and she had submitted my application with an understanding that I could hold on to my commitment until she delivered what she promised.
What did she promise? That that was all the documents I would have to submit ,that I would have an answer in a week,that I would get a rate half a point lower than I was being offered and instead of paying 4 points I was going to be paid two points towards closing costs, that I could put less money down,That the loan would be placed and accepted by a nationally recognized lender rather than the sub prime outfits I had been led to believe were my only option and which had been putting me through the wringer. She promised to be open and honest about her fees and the behind the scenes fee structure even opening  the current rate sheets to allow me to decide on whether to take more money for closing or get my rate  lower than the thrilling rate of 4.37 fixed.when a couple of snags  came up she handled them like an air traffic controller- literally hiring little old ladies over the phone in a small town I had a second home in 3000 miles away to track down documents in county clerks offices for $50 and overnight them. She got the new lender to accept my already done appraisal and title insurance. she found a government targeted zipcode grant I was entitled to.she knew when to bully and when to flatter people like the sellers attorney and realtor.and suggested creative structuring of things like contract concessions to shepherd the closing through.
Did she deliver on her promises ? EVERY DAMN ONE OF THEM !!!!!!!!!  she literally had me processed approved and poached the loan number from the other lender and got me closed in less than three weeks while this other clown who had jerked me around for 8 months was still trying to find some documents he had lost once again.Boy was he surprised when he called to tell me he had extended my lock and I would be charged a fee and I told him I was already close! Now that was FUN!
FULL DISCLOSURE
I promised Vanessa I would sing her praises on here. But Gods honest truth she truly rocks. she is trustworthy to a degree that’s rare today and unheard of in this sleazy real estate racket,  extremely competent,patient with you will explain clearly and in as much depth as you wish whatever you ask  has great relationships with lenders  appraisers and their attorneys that work in your favor. and really knows about the business.anyone can feel free to contact me personally for more information.