getting a loan
Posted: September 14th, 2009, 12:13 pm
This is a real Fricken deal for us! We have been working with the loan officer since May of this year. 1st we get pre qualified & get approved on a loan to buy a rental house, the last day of the 30 day escrow Eric the load officer calls us and tells us bad news the loan fell through.......
Turns out his company won’t loan to homes on dirt roads...........
Another pre -qual & approval
2nd appraisal another $350 this new company needs to have about $10,000 worth of repairs to the dwelling before its meets its minimum standards to qualify for a loan We get the papers signed from the owner to enter the house about 1 month later ....... we complete the required repairs & Another appraisal.
Great now we are moving forward.
Now they tell us we need to have 80% of the loan amount in liquid assets to qualify. WTF
Not in those exact words but that is what it works out to. Now Eric tells me maybe a hard money loan is what I need .........after working with us for like almost 4 months.( he does not do hard money loans) As he knows if it falls out of escrow all the repairs are awarded to the owner at no cost.
So I write him back and tell him that another loan is not an option and that I have the liquid assets to satisfy the loan requirements , but what the F about the pre qualify we where pre approved for this loan 2 months ago with out all these Liquid assets .......
We have the down payment & closing costs which are 30% of the cost of the house not even considering the 10K we just dropped on repairs. It seems like every week they are adding some other requirement to our loan that we need to comply with and need to jump through hoops this last one took us some time to get our shit together on but we where able to come up with it.
This is starting to smell fishy to me.
He has yet to answer me
If he comes back and tells me they need some thing else additional I’m going to freak out
my time extension runs out at the end of this month
Turns out his company won’t loan to homes on dirt roads...........
Another pre -qual & approval
2nd appraisal another $350 this new company needs to have about $10,000 worth of repairs to the dwelling before its meets its minimum standards to qualify for a loan We get the papers signed from the owner to enter the house about 1 month later ....... we complete the required repairs & Another appraisal.
Great now we are moving forward.
Now they tell us we need to have 80% of the loan amount in liquid assets to qualify. WTF
Not in those exact words but that is what it works out to. Now Eric tells me maybe a hard money loan is what I need .........after working with us for like almost 4 months.( he does not do hard money loans) As he knows if it falls out of escrow all the repairs are awarded to the owner at no cost.
So I write him back and tell him that another loan is not an option and that I have the liquid assets to satisfy the loan requirements , but what the F about the pre qualify we where pre approved for this loan 2 months ago with out all these Liquid assets .......
We have the down payment & closing costs which are 30% of the cost of the house not even considering the 10K we just dropped on repairs. It seems like every week they are adding some other requirement to our loan that we need to comply with and need to jump through hoops this last one took us some time to get our shit together on but we where able to come up with it.
This is starting to smell fishy to me.
He has yet to answer me
If he comes back and tells me they need some thing else additional I’m going to freak out
my time extension runs out at the end of this month
