Financing in Dallas County>Question Details

Robdmarcello, Home Buyer in Dallas, TX

Remaining economic life, Conventional mtg, and 30 years - HELP!

Asked by Robdmarcello, Dallas, TX Tue Jan 29, 2013

So, we applied for a conventional 30 yr mtg and the appraisal came back and is saying the REL is only 25yrs. So the mtg company is not willing to lend us for 30. From what I understand, the REL is applicable to HUD and VA loans but not for conventional. The house is in Dallas, nice area, needs some updating but is in good condition. Any thoughts?

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CRAP. Go to http://cfpb.gov and put in a complain against the appraiser, the lender and their AMC.

But also, complain to your loan originator and demand that the appraisal be fixed.

If they don't do it, go to a new lender and sue the current lender for your appraisal fee back.

It's the only way to deal with this these days.

If you need help, please give me a call.

Fred Glick

Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc.
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1 vote Thank Flag Link Tue Jan 29, 2013
I have spoken to the broker numerous times, and they are waiting around for the appraisal to be disputed, but it is taking some time. I forgot to mention that the appraisal had multiple mistakes on it. Including that it was contingent on a foundation inspection, but he marked it as a slab foundation when it is pier and beam. That is a big issue in this market, since P&B homes are considerably more desirable and thereby affect the REL.
Flag Tue Jan 29, 2013
I am having this very same problem right now. The appraiser will not change it from 25 years to 30 years and is basically going to make me not get the house. Now, I'm going to lose all this month I have put in with the inspections, appraisal, survey and such. I am just in tears and have no idea what to do. The Loan Officer is having the appraisal deparment force the appraiser to change it but the guy will not do it. The appraisaer is just an ass for doing this. He knows we are doing a FHA loan and we can't get it if he puts 25 years.

I will file a complaint like suggested but I don't know what else to do. If it doesn't happen then I am walking away and giving up on buying a house.
0 votes Thank Flag Link Wed Apr 3, 2013
Direct your questions to mortgage broker handling your file. HOWEVER 25 year loan if you can afford it, property you love, all particulars no problem... agree loan move on.

25 yrs. vs. 30 yrs. - FYI huge overall savings for you !

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

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0 votes Thank Flag Link Tue Jan 29, 2013
I have spoken to the broker numerous times, and they are waiting around for the appraisal to be disputed, but it is taking some time. I forgot to mention that the appraisal had multiple mistakes on it. Including that it was contingent on a foundation inspection, but he marked it as a slab foundation when it is pier and beam.
Flag Tue Jan 29, 2013
I have only heard of this on properties with leased land. You should ask your loan officer to explain what they are referring to.
0 votes Thank Flag Link Tue Jan 29, 2013
On the appraisal there is a section for the REL and the appraiser listed 25 years. There is no leased land. They are stating they they cannot finance even a conventional mtg with an REL under 30 years.
Flag Tue Jan 29, 2013
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