Hi Everyone.
I am buying a short sale where I am making cash contributions to the second lender. My lender is Provident Funding. Does anyone know if Provident funding allows for cash contributions? My broker has an email out to them awaiting an answer, but I thought I'd solicit your help here in hopes of a faster response.
Thanks.
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Provident Funding is by far the worst lender out there I have EVER dealt with. They are deal killers! I advise clients to not accept any offers from buyers going through them. Just recently I have a deal where Provident Funding allows "their" hired appraiser to put stipulations and requirements on the appraisal, on a 20% down conventional loan, in order to close. Example. The appraiser didn't feel the toilet was clean enough so until this was taken care there will be no closing...This again is on a 20% down Conventional loan. Also, when did appraisers become Licensed contractors and can dictate how structurally sound a property is and give estimates on costs and requirement on repairs? Provident Funding's appraiser apparently do. Excuse my rant but in 10 years I have never dealt with anyone like them.
Wow, your experience is making me extremely nervous! I know I have an uphill battle, and I pray this will close. The appraisal was just completed for me this week by them. The appraised value was a bit lower than I had hoped for but it was fair and didn't have any stipulations. Seems like the appraiser actually liked the house. I guess it's a subjective job to some extent. I'm just worried about any specific requirement Provident Funding has about contributions and what type of documentation would satify them.....