PrincessB asked:
I was supposed to be closing today…however my lender needs an additional appraisal of a comparable house with a pool in my neighborhood (my appraiser gave them a few, but they want 1 more-apparently there are no more)…so my whole loan might fall through…..Don’t know where that leaves me…….House is priced at $160K, appraised at $162K, my annual income is just over $50K (they are not using my husband on the loan b/c his credit scores are bad)…My contract was already amended from closing on the 6th to the 9th…Any ideas out there? Please help….
The income listed above was mine alone, with my husband’s that would put us at about $80K/yr. I can’t come up with a down payment, I am using everything to pay the $6,000 in closing costs (seller is only paying $2200)…
CHESTER
I was supposed to be closing today…however my lender needs an additional appraisal of a comparable house with a pool in my neighborhood (my appraiser gave them a few, but they want 1 more-apparently there are no more)…so my whole loan might fall through…..Don’t know where that leaves me…….House is priced at $160K, appraised at $162K, my annual income is just over $50K (they are not using my husband on the loan b/c his credit scores are bad)…My contract was already amended from closing on the 6th to the 9th…Any ideas out there? Please help….
The income listed above was mine alone, with my husband’s that would put us at about $80K/yr. I can’t come up with a down payment, I am using everything to pay the $6,000 in closing costs (seller is only paying $2200)…
CHESTER
GILBERTO
Just from what you have listed I would say that the lender is doing a stall on this loan because based on your figures alone (or is that his income included) you would be over extended.
The guidelines are tightening every single day and frankly it is about time.
Some jackass will come along to solicit your loan IGNORE anyone who has to solicit over the internet on a message board.
Comment by P J — August 20, 2009 @ 8:27 pm
RANDALL
Sounds like the lender is reconsidering giving the loan. They probably consider it to be right on the line as far as approve/disapprove. They probably want to see if this house is in an area where housing prices are going down. THey may have been burned by this recently.
Many people are finding that 100% loans are getting much harder to get than two years ago. It is still relatively easy to do 80-90% loans, but 100% loans are terrifying lenders right now, especially if other factors, like DTI, credit and other factors make the loan more difficult.
Nothing you can do, unless you can weasle up maybe 5% for a down payment, which would probably ease some of the concerns of the lenders.
Good luck.
Comment by rlloydevans — August 21, 2009 @ 10:34 pm
HENRY
Sounds like they just don’t like the value. Based on the comparables, they will determine a value. The loan will be based on that value and you will be responsible for the difference. Sorry.
Comment by Mortgageman — August 23, 2009 @ 2:53 am
MARC
Ask to see the underwriting determination and conditions that have been generated on the loan. If they are being straight with you, it should be apparent that the underwriter/appraisal review folks are the hold up. Are you dealing with a broker, or with a bank or other direct lender? A broker has the ability to send a loan to several different investors. It sounds as if this one is being exceptionally picky on the valuation. Every different lender has their own way of weighting the factors on a transaction – and it sounds as if this one if focusing on the collateral.
I would think a reasonable action plan would be to find out if you are being told the truth about the hold up, if you are dealing with a broker they should be submitting your loan to another lender while trying to work it out with the present one, if you’re dealing with a single bank or lender – its probably time to talk with a good broker. (Fair disclosure, I am one.)
Ultimately it’s all about taking action and getting the facts – don’t let them string you along.
Comment by michiganted — August 24, 2009 @ 6:19 pm