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Updated about 5 years ago on . Most recent reply

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! 
Most Popular Reply

Try another lender.