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loans under $50,000.00

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.

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Lil,

Thank you for sharing your experience about Bank of America in the forum. As far as the appraisal is concerned, it would depend upon the appraisers judgment. The lender will always check out what the appraiser has to say about the property. If the appraiser finds the value of the property to below $44,000.00, then the lender will go by it.

Like | Dislike | Share | Posted: Wed, 05/05/2010 - 22:29

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