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Updated over 8 years ago on . Most recent reply

User Stats

16
Posts
1
Votes
Nick DePrizio
  • Investor
  • San Francisco, CA
1
Votes |
16
Posts

Non warrantable refi

Nick DePrizio
  • Investor
  • San Francisco, CA
Posted

so learning lesson for me. Went to refi my condo that's rented out to tenants and had a solid rate and was going to CF an extra 175 a month with the new rate. The bank the lender went through denied the loan because it was non warrantable with 2 of the 3 units in the building being rented. Wouldn't be a problem, but already had to pay $500 plus for an appraisal and the time and effort filling out paperwork. This could have been avoided if either I knew about this limitation or if the lender just asked that question about the condo at the beginning.... I am wondering what recourse or approach I should take with the lender around recouping the appraisal expense as this professional should have had the insight to ask us that question no?

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