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Missing Bedroom?

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Vanesa

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Apr 27, 2016
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Florida
Credit unions are great for auto loans, second mortgages and credit cards, but not as great for first mortgages or purchases. Most of the time they broker the deal rather than do their own underwriting unless they are huge like USAA or NavyFed.

Check into Guaranteed Rate too - they are the type of lender I was referring to in my post above (non- bank lender that originates, underwrites and funds mortgages). They don't use AMC's (at least here in S FL).

There are other non-bank lenders too that are excellent. Make sure you get an experienced and knowledgeable loan officer and you will see a world of difference in your mortgage experience.

Okay, I'll look into that. Thank you again!
 

bnmappraisal

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Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
We are going to look into a credit union
I think it's worth you checking into
I agree with your assessment of the AMC's and was never comfortable with that to begin with. Very clear conflict of interest!
many do have this rep, especially WF, IMO.

As far as your permitted/non permitted situation, that's always a difficult situation. From what you describe, it sounds more like the area would be counted, but again, I don't know your particular house, so that's hard to say. I run into this similar situation a lot in my area and it's definitely a case by case basis regarding including it in GLA (Gross Living Area/the square footage of your house) or not. I do agree with Chad's posts (one of the first to respond). When I have a discrepancy between what I measure and include in GLA vs what public records indicates, if this discrepancy is significant (50-100 sf depending on the size of property) I also add a comment similar to his:

I hope if all works out for you. Honestly, it sounds like it may be better going with a different lender (CU or otherwise, but not the big box types)
 
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