I'm sure that you have all had an appraiser tell you that your client needs additional fire alarms installed prior to signing off on the appraisal. I know this is especially true with Reverse Mortgages.
While this alarm probably won't get by too many underwriters in the conforming or govt. lenders, I do know a few Hard Money guys who would let it slide and a few years ago a few sub-prime lenders would have given a discount for it.
Best of all, it needs no batteries, doubles as an emergency food supply and can be bought at your favorite Red Neck stores, Wal-Mart, K-Mart and 7 Eleven.
Larry Morris is a Certified Mortgage Planning Specialist and Certified Mortgage Coach with Golf Savings Bank in Beaverton, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans and conforming purchase and refinances in the states of Oregon, Washington, Idaho and California.
He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.
