Final Review on Financing

[James Edwards]

So, have been attempting to get a line of credit on a property.It has been a long process, as many of you know. Loan has no fees/appraisal if kept open x number of time. 

House was appraised at way above, what I am requesting/owe on it. 

Told last week that it was going into final review, and to open/create an account with the lender. I did so. 

Received an email that the underwriter performed the DTI calc wrong, and it is now too high.

My suspicion is that if the loan fails they will try to stick me with the appraisal cost. 

Anyone ever dealt with this? I wouldn't have an issue with paying it should I have decided to back out, or the property didn't appraise as required. However, I do not feel I should have to pay it due to negligence/incompetence on the lender. My view is DTI calcs are done way early in the process, and it is a matter of yes/no. If it is too high we could have figured that out long ago preventing appraisal cost, and 4 months of my time being wasted.

Thoughts?