All Forum Posts by: Jacob Dimick

Awesome thanks everyone for the help. Right now I'm looking into another lender and not doing a refi on my current house. The big issue is that I'm crunched against time and got this house under a 10 plus multi offer situation. So I can really push closing date more then the two weeks I already have. Thanks, Jacob

Great thanks! 

Awesome thanks for all the help I'm working on changing lenders now

So I was a week out before closing on 2 unit in South Portland and the underwriter denied my loan. First of all I feel like the bank I used should have never had me pay for an appraisal if the suspected my loan with be denied. The underwriter said that they don't believe I'm going to be moving into the new two unit. Right now I have been living in a 2 unit for over three years that I bought Conventional. The new 2 unit is 1.5 miles down the road but has larger units along with a dining room, full back yard fenced in, deck and 3 bedroom unit. I'm 100 percent moving into this new two unit and showed the underwriter my lease agreements on my current house. The new 2 unit i'm buying with 15% down Conventional. Is this normal to have the underwriter deny the loan 1 week before closing?? They said the only scenario is that I either buy it as investment property or refinance my current house as an investment property. So i'm headed in the route of refinancing my house now which was currently under a different bank mortgage at a much lower rate than i'm having to refinance too. Any comments and suggestions??

No I provided lease agreements and reasoning for moving into the house. I have no idea why they have denied me. I’m 100percent moving in so it’s very strange. I’ve provided everything they need for info.

Yes I sent them both lease agreements on my current house and a letter explaining why my girlfriend and I will be moving into new house. We have two dogs and our current house has no yard, the new house has a full backyard fenced in. I feel like this isn’t right for the bank to deny me 1 week before closing.

-jacob

So I was a week out before closing on  2 unit in South Portland and the underwriter denied my loan.   First of all I feel like the bank I used should have never had me pay for an appraisal if the suspected my loan with be denied.   The underwriter said that they don't believe I'm going to be moving into the new two unit.

Right now I have been living in a 2 unit for over three years that I bought Conventional.   The new 2 unit is 1.5 miles down the road but has larger units along with a dining room, full back yard fenced in, deck and 3 bedroom unit. I'm 100 percent moving into this new two unit and showed the underwriter my lease agreements on my current house.

The new 2 unit i'm buying with 15% down Conventional.   Is this normal to have the underwriter deny the loan 1 week before closing??

They said the only scenario is that I either buy it as investment property or refinance my current house as an investment property. So i'm headed in the route of refinancing my house now which was currently under a different bank mortgage at a much lower rate than i'm having to refinance too. 

Any comments and suggestions??