I am in the process of securing a second home loan through Bank of America. They were the only mortgage company that I could find that would finance under $50,000.00. I understood that I would be required to put $20% down. My loan amount is for $44,000.00. The appraisal came back at $74,000.00. My credit scores came in at 730-750 and I have been at my job for 12 years. This has been nothing short of a nightmare. We are going on 2 months and 1 week. Bank of America service is extremely poor. My file has been at the underwriters twice for 5 to 7 working days at a time and they came back with requirements such as a new sales contract with the word Road spelled out instead of Rd. Instead of letting me know of these requirements within 2-3 days when it was on their desk they wait and at the last minute ask for riduculus items. The appraiser took 5 working days to appraise this property because he said that his son had a baseball game at that part of town. Because of such delays and we are getting close to our third closing date the appraiser wants an additional 3 comps from that same appraiser! They said it was due to the declining market. My original appraisal was done 2 months ago. Do they really think that the property devalued from $74,000.00 to below $44,000.00(loan amount) in 2 months? I am sure they are going to ask for another bank statement and voe which will delay even longer. Long story short DO NOT USE BANK OF AMERICA. I have purchased 8 houses and this has been the hardest loan to get and ironically the smallest loan amount.