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Old 03-05-2010, 11:23 AM
 
7 posts, read 26,699 times
Reputation: 10

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Hi. I'm a first-time home buyer under the contract. Today, my SONYMA loan application was declined due to the dissatisfactory appraisal. The house has only 750 sq. ft with 2 bed/1bath. Within a mile, there were no 2bed/1bath single family homes sold in the past 6 months. So, my broker picked bigger houses with 3bed or different styles (Colonial, Ranch, Cape...) about 950 sq. ft. SONYMA didn't think they were valid as comparables.

Is it only SONYMA that is strict about comps? Probably all loan programs require an appraisal. Other loan programs might be more lenient about comps?

I have a good FICO scores (avarage 760), a steady job, and put 10% down. Yet, I can't get a loan because there are no comps. How bad is that!

I don't know what to do... I don't want to give up this house either.

Thanks for reading. Any comments/suggestions would be appreciated.

Amnos
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Old 03-05-2010, 11:35 AM
 
1,370 posts, read 4,948,333 times
Reputation: 871
Not sure, but it is a valid practice to take a 3br and subtract value from it to adjust. you mention your broker, but the appraiser is the one normalling doing this.
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Old 03-05-2010, 11:53 AM
 
184 posts, read 755,372 times
Reputation: 88
try to get an fha loan instead. And as mentioned, the appraiser is the one who puts a value on the house.
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Old 03-05-2010, 12:00 PM
 
Location: Tri-State Area
2,942 posts, read 5,618,919 times
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Put more money down, if you can. Then look at FHA or another bank using Fannie/Freddie.
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Old 03-05-2010, 12:37 PM
 
Location: Long Island
9,592 posts, read 21,008,869 times
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Just had a conversation with a loan officer yesterday; SONYMA is the worst when it comes to appraisals! FHA can be tough with nitpicking, but nothing like SONYMY. Have you tried an FHA loan?
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Old 03-05-2010, 12:55 PM
 
7 posts, read 26,699 times
Reputation: 10
Thanks for everyone to respond in such a short period of time!

Yes, the appraisor put the value based on the comps my broker and the seller's broker provided him. First, SONYMA rejected them, so my broker came up with additional comps but the appraisor said he couldn't use them.

I'm a bit relieved to hear FHA and other loan programs are not as tough as SONYMA in terms of appraisals. I've asked my loan officer to search any other loans I could possibly turn to. I'm waiting for his answer. Since I initially had a pre-approval for FHA, I might go for that direction.

Thank you again. I feel a lot better than when I posted the thread.
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Old 03-05-2010, 03:01 PM
 
1,917 posts, read 4,984,701 times
Reputation: 811
I agree: try FHA. Some believe houses don't appraise because they "Aren't worth it" or are "Overpriced". This is not true, it's more a matter of the lenders reeling in the dollars.

It also sounds like you need to contact another bank or fire your mortgage broker if you're using one. Don't believe the process will go faster if you stick with the same people-that's horse shi....poop.
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