Home | Links | Contact Us | Bookmark
Financial Forum Search :
   Homepage      News      Financial Topics     Finance Directories      Financial Forum      Dictionary  
Financial Forum    Renting & Real Estate
Finance Discussion Forum

 Our tenant just informed us that he is moving out a month before his lease is up...?
and he wants to know if he will be getting his security deposit back? My husband wants to tell him "no" because we're going to be out a months rent! What do you think?...


 I have a noisy neighbor who won't quiet down, what can I do?
I have a upstairs neighrbor who at night. usally 12am - 3am, makes so much noise i can't sleep. I've lived in m rental unit for two years, she just moved in two months ago. I've ...


 I have no kids and barely enough money to pay rent, bills etc, where can i get help?
I live in Delaware. I have no kids and I am not disabled. The job that I have is basically minimuim wage, i have been working it for 7 yrs. By the time I pay my rent, utilities,gas,insurance I have ...


 My neighbor's smoking is killing me!!!! Manager do nothing!!!?
I live in an apartment building;This week a new neighbor moved next door.

Someone in there smokes. A LOT.

Smoke makes me sick (I am allergic to it) and I am feeling every time ...


 Where 2 get $2500 immediately for rent?
today i got an letter 4 redempition for an apartment ...n the bill is 2500 thats need 2 be payed by the 5th of december...or we will be evicted....n i hve bad credit..n i need the money cause we have ...


 Food costs a month?
I've never lived on my own but this summer me and my bf are gunna rent a studio apartment in cali and I was just wondering how much peope would think food costs would be monthly for two people ...


 How much rent do you pay?
I pay $900 a month for a one bedroom apartment in California. It's not even that nice, the kitchen is really old and there is no diswasher or washer/dryer. I would like to move but it is ...


 Should we allow more houses to be built in the u.k?
it would solve most of our problems. e.g. high house prices
it will help lots of young people but it will impovish many baby boomers....


 Evict or not?
I have a tenant who is suppose to have 3 people in her 1 bedroom apartment. Come to find out she has 7-8 people. I pay water, sewerage, garbage. I sent her a letter explaining to her that she is ...


 What is the best way to buy house in london?
...


 How can you rent a home or apt w/ bad or no credit?
I don't have any real credit history. I got a denial letter from a credit card place that said, "Lack of credit history" and "lack of revolving accounts". How can I rent a ...


 Can my roommate prevent me from having overnight guests?
I live in a two-bedroom apartment with one roommate. As my boyfriend and I are in a long-distance relationship, the only way we see each other is to spend weekends together. We would like to ...


 What is 7% of $150,000.?
We are thinking of selling our home, my husband isn't home right now, and I am horrible at math. I was just looking over the contract and it says the company gets 7%. Is that pretty good? T...


 How can I break a 12-month lease for a rental house before the year is up?
Legally, is it possible to break the lease without losing my deposit?...


 Having a hard time understand 'rent in advance' pls explain?
im getting my first place and they ask for a deposit sum and a months rent in advance. and then after ive lived there 4 weeks they want my first months rent.
i do not understand this. how come ...


 I am not going to pay then rent. What will happen?
I am moving out at then end of the month but landlord wants me to pay the next two months rent.

I refuse to pay this, what can they do ? (you cant go to prison for not paying the rent can ...


 Can you rent a flat at 16 ?
can you rent a plat when ur 16 ?
i really dont get on with my mum and shes told me she wants me to move out so i want to know if its possible to rent a flat at 16...


 Is it possible to buy a house with poor/bad credit?
Bad things happen to good people, a friend of mine is wanting to but a house for him and his family instead of renting and throwing way money every month. Please don't say "clean up their ...


 What is the max $ i should spend on a house?
If my income is 45000 to 54000
Additional Details
I would be in Dallas, TX...


 If a mortgage rate is currently at 6.2%, when is it appropriate to refinance for a lower interest rate?

Additional Details
Thank you for the information. My loan is for a fixed 30 year loan. I have had the home for almost 5 years. I have refinanced already 1 time, to get the 8% rate ...



jenniferab320
New Home Loan Denied by Builder's lender- Give up or keep trying?
I put a contract on a townhouse/condo in April with an earnest deposit of 5K. I did not have a credit score, I make good money and have been employed for a long time, My parents are putting down a large down pymt. The LTV was about 60%. The Builder was offering 10k and two years HOA fees if I went throught their lender. I did and within a week they said they could not do the loan in house and sent it to a broker who also said they could not do it either. Two months passed while, I heard nothing. During this time, I picked my selections for the house and met with the construction team, going along with plans as usual. The sales and mortgage team all said " we've seen worse, you are okay especially with that down pymt" . I went three weeks w/o returned phone calls and finally was asked for info for a non traditional credit history. I gave checks, and letters all with perfect payment records. One week later, they denied the loan. Do I go elsewhere to finance or to another builder?
Additional Details
to answer Jamesnbarnes question, they said the no tradelines ( no score).

After looking at the entire situation, I realized that my file sat a the mortgage company without any review for 6 weeks. Finally when I started to ask questions and ask to speak with managers and finally the regional manager, I got a someone to look at it and then in two weeks, they glanced at it and without asking any questions or requesting additional info, they denied it.
                     
 




book writer
Rating
May be a different bank and a different builder. The builders bank may have a problem with him and not you. If one turn down stops you, you don't want a house as much as you though. But it sounds like this builder didn't put the money you gave him to the bank and they may think you must want a 100% loan and most banks won't do a 100% loan on anything. You might check out what happened to your money. Did he refund you your 5K or what happened to that?


stephen l
The builder's lender is only set up for a certain type of borrower. You need a more creative loan officer. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you .


sophieb
why don't you have a credit score? haven't you had any credit? have they pulled a credit report on you with like maybe someone else has used your name and they are confused? why not write the credit bureaus and ask if you are on file. Maybe there's some identity theft.
Sometimes when you ask more than once in succession and you're denied then the next place will deny you just because someone else denied you. I know that sounds weird but that's what they do. If you don't have credit or a credit score then start some credit. I would suggest getting a visa card and a couple of other credit cards. Make payments timely.
I would suggest you get all that started....and try at another time (maybe next year) to buy.


hollywoodmelody
Rating
They are all passing the buck here. What is happening is the Underwriter has looked at your information and found that since your parents, not you, are the ones putting in the down payment. That makes it a "gift" and therefore cancels out your way of making payments down the road.

Its unfair, but that is what is happening. Most banks broker out their loans (sell)because that is where they make their money. If they can't even verify or guarantee to the other banks, no one will ever accept you for a loan.

It is kind of like a co-signer situation.

I would look into your own financing,not the builders because there is a big red flag Isee.


Robert N
Rating
That is just terrible customer service, and while your situation is challenging, it is not as hard as these folks have made it for you.

What city/state are you in, and if I can't help you, I will find someone in your local are who can.

Your parents are wonderful for helping you, and my first advice is to have them put the down payment into your checking or savings account so you get some aging on the money in your possession...but if this is not a gift, then sign a note with them, which means you are borrowing the money from them, but you don't have to disclose that to the bank. That's your business.

Secondly, I would go to that bank the next day, and borrow 1/2 of that money in the form of a signature loan, and get a credit card in the amount they will approve.

Borrow the signature loan money for 1 month by just sticking it in your savings account and earning interest that offsets some of the interest you will pay for having that money for a month (which won't be much, maybe 1-2%), and then pay it off. It's a short term history, but it's a history just the same and gets you started with no risk.

Also, use the credit card for your normal monthly expenses for each month, and keep all or most of your paychecks in your account until the credit card bill is due, and pay it off in full each month...before the due date...never after.

Also, never cancel a credit card just because you pay it off, because the longer you have it, the higher your credit score...and longer your credit history. Get a credit file...that's important in this day and age.

You don't need to tell your parents about this part of the plan, but be disciplined and don't be tempted to use the money for anything else. I'm sure your parents have taught you to be conservative, but parents rarely truly train us on financial matters, and you need credit to get credit, but I'm betting they are debt free, except for maybe their mortgage.

Another option is for your parents to cosign on the property, and then have them taken off title after the escrow is closed. They would still be on the loan, but you are also building credit as the person jointly responsible for the loan repayment.

I like option one better...it gets you independent faster.

If you want help, call me or e-mail me and I will happily see what I can do for you, but I will follow through. Of that you can be certain.

Regards,
Robert Noakes
Real Estate Investment Consultant
Sr. Mortgage Planner
415.652.8112
robert@noakes.com


Life in the slow lane
Rating
The builder only wants the $$. Get a loan anyplace you can find one that will give you the money. The builder likes to tie into a lender so he has someone to refer them to for money.


aj485
It depends on the terms of the contract you signed and how willing you are to lose any money that you have already given to this builder. You need to consult a real estate attorney immediately to determine what your options are.


godged
OK, let's break this down into smaller portions:

#1 - If your builder only suggested this lender, there is a reason. You need to negotiate the same deal, but using your lender, not theirs.

#2 - Some lenders don't want to see a gift down payment, they want it to be your money, built up in your account to establish a responsible history.

#3 - If you don't get financing, and don't have a contingency stating that if you cannot get financed you are out of the contract, you are going to lose that $5,000. You must get on finding a lender that will work with you or establishing some credit history so their lender can finance you. Has anyone talked to you about how to establish a credit history? If not, this lender is remiss in their duties and you really need to go elsewhere.

I cannot emphasize enough that you need to get on top of this situation or you could possibly lose your earnest money.


Juneau1965
Rating
are you in San Diego county?
I may be able to assist you, non traditional loans,etc can be accomplished, let me know


Jasmine P
This is your first time purchasing a home right? Go to Housing 1st time purchaser via the government. You have to pay the closing cost etc and you got 5k and that's good enough.
Brokers etc cannot make money from you because they have people that offer more money, d/p etc so they dont waste time dealing with you.
Sorry to hear that again but i recommend you get that 1st time purchaser assistance/loan. You would get approved for it but if i were you, when i get the deals they will offer to buy already made home or one from scratch. I would wait 3-4 months and let them build a new home. It's cheaper and it's how you want it to be.

good luck


Donna C
Rating
I would add your parents to the loan which would remove the GIFT portion. Your Parents could also purchase the home as a 2nd home or Non-owner Property. I would start at establishing some credit immediately.


endgame1915
If you belong to a credit union and/or your bank talk to them about a loan you will get better rates.i have never worked with a builders bank. I always work with my bankers and they are all my friends.If still no luck tell your father to find a mortgage banker and talk about a FHA LOAN . GOOD LUCK


jamesnbarnes
Rating
Depending upon the FHA limits in your area your loan should go FHA easily if you have a 2 year employment history and your non traditional credit is OK. Wells Fargo has a program that does not require credit scores and also the FNMA MyCommuntiy allows for that as well. Sounds like to me your debt to income ratio is off. If all of your bills, including your new house payment and taxes and insurance is over 45%, that maybe where the problem is. A solution is to put less down an pay off any bills you have with the money you were going to use to put down. What was the reason for the turn down?


Rony
It depends on the terms of the contract you signed. May be you need refinancing. Mortgage info here:
http://all-mortgage-calculators.blogspot.com


nhocac
2222


 Enter Your Message or Comment


User Name:  
User Email:   
Post a comment:







Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.034
Copyright (c) 2011 Financial Crisis Monday, May 28, 2012 - Terms of use - Privacy Policy