Help needed, I recently got turned down on a refinance loan for my home

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Try another bank.....

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100% this!

It means the appraiser thinks his comps were really all that comparable and there's a lot more guesswork involved in his estimate than usual. Some banks don't want such loans although if you have 50% equity already I don't see the problem either.

What is your current rate and what rate do u expect to refinance at? how long?

They have to find comps. One comp they used was so off the mark it required an adjustment of 25% based on the fact that your property is in a rural area, and it's more difficult to find recent comparable sales in a rural area compared to an urban area.

Your lender thinks there are other comps in the area that don't require that much adjustment and it wants the appraiser to use one of them in the appraisal.

The appraiser probably can't bring back the value necessary to close the type of loan you want if he uses the comps the lender wants him to use.

Sounds like you need a new appraiser, or he needs to write one helluva explanation for why he's using such an oddball property and making such a vast adjustment...

You aren't being turned down. You're getting a stipulation that is preventing closing. Get with your appraiser or your appraisal management company or take a look what kind of loan you want. Moving one aspect of th loan or the other could help the lender get a clear to close.

"because it was the only wood frame sale "

Is your hose made of cinder blocks or were 2 of the comps cinder blocks ? If not it is a wood frame house.

99.9 % of all homes are "wood frame", ie the interior walls are wood/studs.

Is your exterior wood or brick, either way its a wood frame.

Get another appraiser, this one dont even know the correct terminology for what kind of houses there are. A brick exterior is still a wood frame.

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Unless I'm missing something, the only problem was with the lender.

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thats what im thinking too

It's because with that notation and the lack of quality comps, the bank feels it won't be able to sell the loan and since banks won't hold mortgages, they won't go through with closing - pretty standard. Try to work with the appraiser to tighten this up, if he won't budge it'll be hard to get a traditional underwriter to sign off on this deal.