We had been working back and forth with the builder for several days now and been making great progress to get the land/home package to our sweet spot. We decided had decided to go with a modular home and vinyl covered gypsum panels instead of drywall to save costs, cut down on a variety of upgrades and we were pretty much right where we needed to be… and then the ball dropped. The appraisal came back and pretty much said that in order for the loan to be approved we would need drywall and a fireplace.
The frustrating thing is the land and home appraised with plenty of value to cover the amount for the loan. The gotcha is the bank was not happy with the ratio of the land value to the house value. Ugh… one more hurdle to clear… although to be honest we’re not really sure how to get past this one.