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“the loan officer just informed me that I don’t qualify for a conventional loan because my house has an english basement”

refinance
Photo by PoPville flickr user Clif Burns

“I would like to revisit this topic which was raised in July 2014 since I have the same issue. Link.

I am attempting to refinance a conventional 30 year mortgage with a lender to get a better rate and the loan officer just informed me that I don’t qualify for a conventional loan because my house has an english basement; specifically according to him the appraisal company classifies my home as a multi-unit property because there are “two kitchens” and no interior stairway into the basement. It seems like they wont budge, and looks like I am out the $425 appraisal fee.

Based on the comments to this topic two years ago that I’ve linked above, some people have successfully refinanced as along as they found the appropriate lender. I would love to get some help here, and hear from folks who’ve successfully refinanced. Any advice would be very useful.”

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