Posted on: 13th Jul, 2009 11:23 am
i have applied for refinance for my condo ( manhattan place in nyc ) with bank of america, fixed rate. i have very good credit score, excellent income ( over $200k ), looking to refinance $463k, last month appraisal for condo came in at $660k. still boa is giving me run around, saying condo does not have enough reserve. they have approx. $400k in reserve, annual budget is $ 5.7 m. boa says they need a waiver from fannie mae.
Sounds like they don't want your business. Did they lock you in on a rate yet?
Yes, lock in expired and they extended th lock in for 2 weeks ... What good is lock-in if they do not close.
Hi Guest!
Welcome to forums!
In my opinion, it would be better if you could speak to other lenders and check out if they can refinance the property for you. May be they would offer you better rates and terms as you've quite some equity in the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In my opinion, it would be better if you could speak to other lenders and check out if they can refinance the property for you. May be they would offer you better rates and terms as you've quite some equity in the property.
Feel free to ask if you've further queries.
Sussane
Guest
What rate did they lock you into?
What rate did they lock you into?
4.875% with zero point
condominiums are tricky. i just lost a loan due to insufficient reserves - borrower went to contract in march on a foreclosed home; the condo is not fha-approved (we had to go fha - no choice), so we did a spot approval. unfortunately, we discovered that spot approvals now have to be reviewed by the corporate headquarters, and guess what they determiend?! reserves are too low, and despite an explanatory letter from the association's president of how they'd beef up those reserves, it still didn't work. our people even took it up the ladder directly to hud - they told us "no."
borrower is back to the drawing board and trying to find a similarly affordable home. life is not easy, is it?
borrower is back to the drawing board and trying to find a similarly affordable home. life is not easy, is it?
Well it's almost 85 days, my loan Officer tells me file is with underwriter for final review, it should close soon. Meanwhile, he gave me extension of rate w/ 1/8% fee. I have lost faith with BOA, what I have gone thru has not been fun. Even at this stage, I have a strange feeling BOA may reject the loan on some clumsy excuse, inspite of the fact my application is very very strong.
Frustrated BOA applicant :cry:
Frustrated BOA applicant :cry:
How long is appraisal good for?
generally, an appraisal will be good for 4 months. keep in mind this is a new era.
In addition, your appraisa may not be accepted if it was not performed by one of the approved appraisers for that bank.
I am new to the forum, and am not exactly clear on what's acceptable, but I'm going to say what I know and try to help.
First of all ... many lenders are sitting on reserves and don't want to lend, because they know they are facing waves of defaults from Option ARMs, Stated Income Loans, Commercial RE, and credit cards. B of A can come up with lots of excuses and stalling tactics, but the fact may be that the pendulum has swung and they are only making the most conservative loans. I don't know their loan criteria, but they can choose to be more stringent than the published guidelines.
The good news is that you are not married to B of A. You owe them no allegiance. I'm with a smaller (national) direct lender, and I also outsource loan mods to attorneys.
Lenders have cut allowable LTV, higher credit scores are required, and a big problem many borrowers are facing is that documentation is now mandatory that was not required as recently as a year ago. If you can't refi, that in itself may constitute one form of "hardship" that could qualify you for a loan mod. And contrary to a myth that's going around, you do not have to be late on your payments.
[Promotional text deleted as per forum rules. Thanks.]
- Bob Freedman
First of all ... many lenders are sitting on reserves and don't want to lend, because they know they are facing waves of defaults from Option ARMs, Stated Income Loans, Commercial RE, and credit cards. B of A can come up with lots of excuses and stalling tactics, but the fact may be that the pendulum has swung and they are only making the most conservative loans. I don't know their loan criteria, but they can choose to be more stringent than the published guidelines.
The good news is that you are not married to B of A. You owe them no allegiance. I'm with a smaller (national) direct lender, and I also outsource loan mods to attorneys.
Lenders have cut allowable LTV, higher credit scores are required, and a big problem many borrowers are facing is that documentation is now mandatory that was not required as recently as a year ago. If you can't refi, that in itself may constitute one form of "hardship" that could qualify you for a loan mod. And contrary to a myth that's going around, you do not have to be late on your payments.
[Promotional text deleted as per forum rules. Thanks.]
- Bob Freedman
bob, that was a reasonable post. you're so right about any of the lenders being able to choose to be more stringent than the published guidelines. each case is different and i suppose that's why we see so many posts on here about sub-600 credit scores being "credit-worthy."
please review the guidelines - i see someone removed some of your text. advertising or promotion is not allowed, though you can certainly create a signature that identifies you and provides some of the information you'd like to convey to potential clients.
please review the guidelines - i see someone removed some of your text. advertising or promotion is not allowed, though you can certainly create a signature that identifies you and provides some of the information you'd like to convey to potential clients.
George,
Hadn't seen your response to this post until after we just spoke. I will make every effort to adhere to the community guidelines (now that I know where to find them).
Have a good day,
Bob
Hadn't seen your response to this post until after we just spoke. I will make every effort to adhere to the community guidelines (now that I know where to find them).
Have a good day,
Bob
aha...you're not a member yet! so forget that dime, because you can't collect until you actually join the community. do that and you'll be on your way to oz.
Here is update : On friday july 24 my closing date was set, we took a day off from work and at 11 am got a email from bank attorney that closing is posponed until monday, as he has not recd. papers from the bank. It was rescheduled for monday evening. on monday we took day off , went to bank attorney office and we were there from 4 to 7 pm, still no docs from bank, 7 pm docs started coming in and we signed all documents until 8:30 PM. We are told in NY there is 3 day cooling period. Keeping my fingers crossed.