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Updated almost 5 years ago, 01/10/2020
Underwriter Denying refinancing bc heat source in home!
Recently purchased my 1st home in April 2019 , rehabbed it and now in the process of pulling the Equity out to purchase another home ( had no problem getting this 1st loan with the homes gas wall mounted heaters) . The home uses 2 natural gas heaters (dyna-glo 3000 BTu), house was built in 1950 (older homes used these gas heaters as a heat source in the area) and is in the upperclass area where newer homes have been built and continue to be built ( which newer homes have central heat) , I just had the appraisal come back to the lender is saying that “” Appraisal stated The heaters aren’t normal for the area this is a comparable item The subject property doesn’t exist the area and/or comps used” so the underwriter won’t approve the refi , what do you guys think my next move should be? Add central heat to the home? Challenge the appraisal? Or some other idea? I’d like to hear from you guys!