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Lender Didn't Like The Neighborhooe

  • Thread starter Thread starter msbigdawg
  • Start date Start date

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M

msbigdawg

Guest
I am in the process of buying a home in toledo, Ohio the Company we got pre-approved through (in Independence, OH) was in the process of underwriting our loan...when they came back to us they said that they didn't like the neighborhood and that they didn't understand why we were trying to purchase this $16,000 house valued at $45,000. They said we should try and find a $40,000 house in a different neighborhood. Is this legal and if not what should or can I do about it?
 


H

HomeGuru

Senior Member
The lender can disapprove based on property appraised value but can not discriminate because of the neighborhood. I think you misunderstood.
 
D

David J. Miller

Guest
In other words, in their opinion this home you are purchasing for $45,000 is worth only $16,000. Insufficient collateral.
 
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