Mortgage Appraisal Issues
Have you been Denied an FHA loan from Bank of America?
My hubby and I have applied for an FHA mortgage from BOA on 8/7/09, and we were told it already went to an underwriter cuz my hubby had a repo (that we got back) and they had previously asked for the paperwork to show we took care of it when we were “pre-approved”. The lending officer said “you have the money 120%”.and he even took money for the appraisal which has now been done. Now we get a letter asking for more info b4 a credit decision can be made! I was just wondering what our chances are of being denied? they want 2007 w2’s from me that I dont have (trying to get em). Has anyone been deneied an FHA loan from BOA? What was the reason? If they deny us can we get our $ back from the appraisal as they shouldnt be doing one if they arent going to give us the money? Has anyone else had issues like this with them? Any info would be helpful..
It is normal to pay for the appraisal to be done early in the process and no, you won’t get that money back.
It is also common for the lender to come back and ask for more documentation. In fact, it would be strange if they did NOT come back and ask for more.
If you were pre-approved, the loan will likely go thru. Just take a deep breath and relax.
Mortgage Foreclosure Issues
Hellish home refinancing nears bleak conclusion
All she wanted was $50,000 from the equity in her house to help pay the bills while looking for a jo
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Issues. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Issues
Does my mortgage company have the right to insist that I buy home insurance for the entire loan amount?
1. I am paying 20% for down payment.
2. I am already insuring a little higher than the “replacement cost-New” amount in the appraisal report.
However, my mortgage company said we need to insure for the entire loan amount. Do they have the right to do this? My insurance company said we would be over insuring and they’re not willing to insure this amount, and they told me to go to other insurance company. Plus, I can’t afford to over insure. This is the only issue left before the Closing. I already contacted my mortgage person via email but I want to hear what you say. Thanks.
Most of these answers are correct. If you have full replacement value, that should suffice. Even if the house burns to the ground the land will still have value. Your #2 may be what is confusing the issue. The loan amount is what the mortgage company is concerned with. Full replacement means the insurance company will replace (rebuild) your home with something at least equal to what is there.