Our lender received the appraisal report for our home and from it we were given 2 conditions to meet for the approval of our refinancing loan:
1. We need to tear down the buildings on the back of our property (old chicken coops).
2. We need to show proof that our addition passed the final inspection and meets all codes.
We received this notice on Thursday and I just broke down in tears. We have been trying to refinance since January and there has been one obstacle after another that has kept us from getting refinanced. It was quite frustrating as DearHubby and I think we are perfect candidates for a bank to give money to. Our credit score is higher than 750, which puts us in the Excellent category and our house is appraised much higher than what we needed for this loan. Either way one looks at it, the bank will get their money. If we keep the loan, then they can be assured that it will be paid monthly. If we can't keep the loan, for some reason, and we foreclose and the bank takes over our property, they would be able to sell our home for more than double what we're borrowing. So, it has been very disheartening to go through so many loop holes just to get this loan.
In response, we told the bank that we are able to show proof that our addition passed final inspection and meets all codes and that's what DearHubby worked on this weekend. He took Friday off to start work on all the final details of the addition (and even hallway); in other words, trim installation. We hope to get our final inspection done on Wednesday.
In response to the first condition, DearHubby told the bank that we will not be tearing down the buildings as they are valuable to us since they serve as storage areas for us now. The bank forwarded our response to their underwriters and we are now just waiting for our loan results, whether we have been approved or disapproved.
Although it's a very frustrating situation, we know that God is in control and whatever decision the underwriters make, we know it is God's will. Yet, we do pray for God's grace on our behalf and move the hearts of the underwriters to approve our loan. We were due to close on this loan on August 26th.