Completed the process,found a property,was told the property was in alignment with the loan,paid for the inspection,and the apprasial(which all went well) just to be told “my team just found out it’s not a property that can be purchased with your type of loan.” Then I am out of $295(inspection fee) and $575 appraisal fee,and said the team just discovered this property error. All that to say,I know the ball was dropped for me by the lending team.
Reply from the business:
May 16, 2023Sandy we appreciate your feedback however we can’t control if a condo is approve-able. As we stated in our review with you when turning down the file the condo doesn’t meet Fannie Mae guidelines for a warrantable condo. Unfortunately there is no way to know on a complex we haven’t done a mortgage in before until we get the documents from the HOA which typically takes 3 weeks to get back. If we waited to order the appraisal until the HOA documents were back then we would never close a mortgage on time. We apologize that as a first time homebuyer your expectations of the process didn’t align with how the transaction transpired. We would be happy to credit you for your appraisal on your next transaction with us