I am trying to do a cash out refinance on my house but have been denied because it is a legally converted 2 family being used as a 1 fam.(A couple of doors have been removed that separate the units and the 2nd kitchen has been removed)
What I am trying to find out is the easiest way to get the loan approved. From talking to the underwriter I have two options: 1- have it appraise as a 2 fam and 2- have it “re-zoned” as a 1 family.
If I want it appraised as a 2 fam, what is the minimum an appraiser would need to see as far as the 2nd kitchen in terms of appliances, sinks and cabinetry.
If I want it mortgaged as a 1 Fam. what exactly would I need to get changed. What do the banks look at to make this determination(they couldn’t give me a straight answer).
Any help would be appreciated.