We short term rent our home out for 4 nights, 7 nights, 2 weeks, whatever, and take a vacation while people stay in our home and we report the income under an LLC. Because of this, we had to refi as an investment property inlieu of a primary.
Understandable. They knew from the beginning this is what we did with the house. So, almost 3 months later, after multiple e-mails asking for the SAME additional documentation (some of which was bizaar), paying $450 for an appraisal, and over $100 in expedited documentation fees, we were told we would not be refinanced because they considered our home a B&B. We are NOT a B&B.
We do not stay in the house when guests arrive and also provide them a breakfast. I have stayed in B&B's. This is not what we do. I even sent them the short term rental contracts we had for 7 days rented out at Christmas and 4 days we had rented in February.
What a total waste of time. We lost the opportunity to refi at the great rates that were out there 3 months ago. It took over a week for someone to reply to an e-mail where I requested an update of the status of our loan. You are bombarded with multiple requests for the same documents, many times over, and then when you ask a question, NOTHING.
In all of the requests for documentation, they did not once ask us anything regarding a B&B. Why did they drag us through that whole process when in the beginning, since they consider short term renting your home out is a B&B, did they even proceed??
I would not recommend them to anyone for a refi even if the short term rental issue is not a point. Just the whole drawn out, over documentation process is unbelievable.
Review about: Amerisave Refinance.