we were insured financing the house to rent it out would be easy once it was completed…so we went broke to complete the house..got the inspections and appraisals and than when ready to finance it…broker couldnt find any lender to funance it.
the more he tried the more the credit score went down…So now we have a house that is brand new..and it is just sitting…we are now waiting for sewer to be put in by city workers..waiting for them for months……we couldnt even rent it…we really want to finance it as a renter home and rent it out and take the money to pay off the cards and pay the land beside where we just built and build to sell,,,and this will set us up and our mothers……we are both self employed which is another down fall when applying for loans…..we also run into not living there….being a problem…..any advise woul;d be appreciated……..we have been crushed in more ways than one..
Posts Tagged ‘Were’
we bulit a home using credit cards and cash.no bank loans.we were insured by a broker financiing would be easy
we were speaking with someone our builder suggested for a mortgage he works for GMAC?
which we ve heard great things about HOWEVER he called twice last week BOTH times were not at specified AGREED times (not even close) and then he talked to my husband and said he would try for a different specific loan and NEVER called us back!! we havent heard from him since last tuesday, should we look for someone else now or is this normal?? i havent talked to the builder either and ive tried calling him. whats going on? the score is fine and he said that we even might qualify for the first home buyers loan and now nothing in a week. is this bad business or what?? we’d like to stick with GMAC but this guy is a real jerk
Declined for a home loan (refinancing) after we were already approved.?
We applied to refinance our house since we have so much equity in our home and we were approved the next day. We paid the mortgage company $430.00 to come and do an appraisal. The money came out of our account that very day, but we didn’t hear anything from an appraiser (Who was supposed to call and set up an appointment). Two days later, the mortgage company called back and said that the underwriters are now not going to approve the loan and they are going to refund our money. Has this ever happened to anyone and can they change their minds like that? We have not missed any payments and our credit it high 600s and low 700s depending on where our scores are pulled. They obviously blamed it on the economy, but it doesn’t seem right.
Why was it easy to qualify for home loans when prices were so high but now that they’re low it’s so impossible?
It’s such a scam. I easily qualified for a pricey place a few years ago, and now that prices are so low and people can honestly afford the lower payments, they have made it impossible for people to qualify and all the fat investors are gobbling up everything with cash. Is it a scam or what?
For example I will be going into foreclosure on my condo with a mortgage of over 380K on it and is worth 160K now but I wouldn’t qualify to move into a 160K condo today when that’s what I could afford and not miss payments on, and instead all the investors are picking them up. It makes no sense.
Will the interest rates fall back to where they were last week or wil they continue to rise?
Home mortgage rates and equity loans to be more exact. They seem to have gone up almost a full percent in the last week. I thought the fed res was supposed to lower the rate to boost the economy.
If you were going to borrow $10,000.00 and your choices were to charge, refinance or Home Equity Loan?
I admit it numbers make my head hurt, so I could probally figure the difference in Excel but I would rather ask a numbers person. I can charge $10,000.00 with a convenience check at 5%, or refinance my house (plenty of equity) 7.5% or home equity loan at 7.50%. I want to be able to this loan off in 30 to 60 months. Where would the less finance charges by paid? Thanks for your help 
If I were to buy a home now would I be able to get the loans and first time home buyer incentives? Or is that ?
out of the question now with the recession?
Isn’t the reason all the subprime loans were made because Fannie Mae and Freddie Mac bought them all?
Sight unseen, without inspection, anything bundled and sent was approved. That means zero regulation and no oversight. It guess it had to collapse, huh? Illegal aliens got subprime loans, everybody was automatically approved. Now that is a license to rob and plunder. The U.S. Congress just looked the other way, as did the SEC and all government agencies. Whose fault is that? Ultimately, it was the responsibility of the U.S. Congress. But they just don’t get it. It was better with S&Ls until deregulation and ARM loans. It is the U.S. Congress, stupid. They have much to answer for wrecking the economy and destroying jobs and home equities. The did it, oh yes they did!
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