I haven't personally ran into that issue, but I have seen a major tightening in the lending industry over the past 3 months. I thought the tightening had ended a year ago, but this most recent wave has been the worst I have seen in years. I would suggest going to a different lender to try the refinance. If you would like a recommendation, give me a call at 975-9330 or e-mail me: steve@TheMidCoastGroup.com.
Steven M. Dyer, CRS
Keller Williams Realty
50 Sewall St., 2nd Floor
Portland, ME 04102
Wow, go figure....Loan Officer said it was the government doing this to people to protect loans because of the real estate crash.
I'm ready to walk away. (The same thing that happened when real esatate market crashed) People just walked away.
Not all loans are required to meet Fannie Mae guidelines so it may be possible to get a loan without a formal road agreement. You just need to tell the lender upfront that there is no road agreement and inquire if they offer a loan program that will not require it.
That being said, a new mortgage and 2 refinances within a 3 year period is a bit unusual. There are costs associated with a refinance that usually take time to recoup. Frequent refinance, especially if accompanied by "cash out", have led some other homeowners to problems. I urge you to review the refinance with a financial advisor to see if this is really your best financial option.