Need advice regarding extensions and delays

Tips and Deals Forums Buying Your Home Buying a Home in Bay Area Need advice regarding extensions and delays

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 5 months ago.

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    Here is my situation: I found a great property, I love it. It’s been on the market for 2 years and did not receive much attention, and we settled on a price much lower than the list price.*We signed the contract, and I need to close in 2 weeks.
    I bring about 30% down payment, I have an overall great financial situation, and got a great loan offer.*Now, the problem is that I am changing job, and cannot finalize the loan until I have my first paycheck. I am interviewing and I think I’ll start my new job early July. *
    What should I do?
    1. I could give up for now, and try again once I have a job
    2. I could co-sign an FHA loan with my best buddy, and later refinance with a conventional loan*
    3. I could ask for an extension
    4. give money to the seller to buy time
    I am thinking about a combination of #2 and #3. I would get pre-approved for the FHA loan, present it to the seller’s agent and ask for an extension to allow me to start my job and actually purchase with my conventional loan. The FHA loan would be a “backup” which guarantees that I will buy, whatever happens.
    It is my first home, and I am looking forward to reading your recomendations and advice.

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