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Home › Forums › Closed Forums › Buying and Selling RE › Stupid refinance rule: Must live within 100 miles from property! › PadreBrian wrote:I love these

May 27, 2009 at 9:59 AM #406916
(former)FormerSanDiegan
Participant

[quote=PadreBrian]I love these new rules. We needed that back in 2003![/quote]

Some of the new guidelines make sense. This one
does not.

Seems like other factors are more important:
Income (rent) from the property.
Income (wage,other investment) of the owner.
Value of the property

How much more downpayment should be required per mile distance from the property ?

I am guessing that the particular lender is using this as an excuse because they have plenty of other more qualified borrowers that meet their real guidelines for the funds they plan on committing to real estate loans. And that this person meets all the objective criteria, but not by the same margin as the pool of borrowers they are lending to.