Hi there, just stopping in here to see what others think of my situation. I'm in underwriting right now on a mortgage for a Fannie Mae Homepath Renovation loan. Our closing date is end of June, but we've had the signed contract since beginning of April. Initially we were pre-approved for 199k which includes both the house and funds needed to repair, with 10% down. Purchase price of the house was negotiated down to 185k, repairs coming in at 15k. All is well until maybe 3 days ago when our loan officer says she sent our file to underwriting and they will need 15% down since this is an investment property. We have the money for 15% so we said okay. Now, just a few moments ago, I received another email from her telling me "sorry we actually need 20%".
Is this normal for the bank to come back and keep increasing their requirements for the downpayment? I just find this odd.
Thanks for your input!
