I was in the process of refinancing my home and was using a local mortgage broker. As of today, I have been told that I was not declined however my property is not eligible for funding with Provident. Their reason for not funding the loan, they say, is because there are not enough comps. They were concerned that one of the comps in my neighborhood that is the same style house, is priced significantly less than our house.
The house in question has been on the market for over a year and is listed in inferior condition. Provident Funding had our appraisal for 3 weeks before bringing these issues up. I offered to have the house reappraised however that did not change their mind.
Instead, they ignored multiple requests from the mortgage broker for an update and did not tell me until 3 weeks after the initial rate lock expired that they were unable to fund my loan. Now I am out $300 for the appraisal and have wasted 2 months on a bogus mortgage they were unable to fund for whatever reason.
For more info, check out both posts on my blog
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