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Lender won't fund mortgage :(
This has been such a long process and it's far from over!
Despite beigh "A++ buyers" (our lenders words!) they are unable to fund the mortgage due to an old barn on the property. The underwriter said it needs to be taken down because it's a safety hazard and they won't be able to sell the mortgage with that liability.
We are using a conventional loan instead of FHA and one of the main reasons was because our property is very unique -- 150+ yrs old with 2 big old barns. We do NOT want to take the barn down, it's part of the reason we want this house.
After a series of frenzied phone calls last night the listing agent said she "knows a guy" who has funded loans on smiliar properties. It's a small local bank that does not sell the loan, they use it for their portfolio.
So, now we're basically starting over. We've been under contract since May 15th, the sellers have a lot of repairs to make -- including installing a new septic system -- and they won't start until we get our commitment letter.
What really make me mad is that the selling agent said "I had an idea this would happen...." and then offered up the local bank as an option. Why didn't she throw this tidbit of info out oh... say.... A MONTH AGO! At least we could have been prepared.
Re: Lender won't fund mortgage :(
Sounds like a neat property and I hope it works out. I think it will be worth it in the end.
We had the same problem were the bank would not fund our mortgage even though we were A+++ people too. Their problem was that we were not using one of the 3 local title companies. We were using a mobile one. We had to start over right after we accepted the contract.
I would give that small bank a call and explain to them the situation and see if they can move things along quickly. If you still have a copy of your originaly loan application, this new bank might even accept that and you would not have to do it over again.
I do have a question, have you asked about homeowners insurance? Would they cover the property if a barn is a 'safety hazard'?
Thankfully, yes, we have already secured homeowners insurance. It's more than we expected to pay $1,400/yr) and we had a hard time finding a company, but we were able to do it.
I am glad that you were able to secure homeowners!! Does the company offer car insurance also. Because we switched our car insurance to Farmers we got a discount on our homeowners. If we did not, we would have to pay 1150/yr.