Long time lurker, and I credit this forum with getting me where I am today. We are finally ready to close on a home and are scheduled to close on 4/30. It’s been a heck of a ride. During the process, I ended up getting rid of our real estate agent and using another (he wasn’t aggressive enough and worried about “offending” a seller with an offer/wasn’t being honest about things he found out about) and getting rid of the mortgage officer he originally recommended. That mortgage loan officer was insistent that we pay down some debts totaling almost 15k before he could give us so much as a preapproval letter. This would have fully depleted our cash reserves. We aren’t late on anything and our DTI is satisfactory.
Finally found another realtor (who is amazing and quite the go-getter) and she recommended a mortgage company she works with. Okay, great. Apped with them and it came back with an instant automated approval (hmm… the other guy just couldn’t do that?). Made an offer and it was accepted less than 24 hours later. Womp womp – the inspection revealed years of neglect and the sellers outright lied on thier property disclosure, alleging it had been their primary residence (some digging revealed it was in fact a badly neglected investment property – they were out of state the whole time). Backed out like my rear end was on fire.
Fast forward. Found another house two days later. Weird seller who insisted on being present for everything. We thought he was hiding something – turns out, he is simply incredibly emotionally attached to the home and the home has been maintained like a museum – almost curated. Made our offer, he countered, we accepted. We were already halfway through the mortgage process on that first house – so we asked for a pretty rapid closing (21 days).
Inspection went much, much better than the first home (I’d have been on the hook for almost 65k in repairs and upgrades if I ever hoped to sell it down the line on that first home). Second home is 25k higher but pretty much move in ready.
My scores supported a conventional, but the husband’s, not so much.
Now, the issue. I feel like this lender is jacking us around and not to be trusted either. I keep finding “minor discrepancies” in loan docs and disclosures and keep sending them back to be corrected. There have been far too many “whoops” for me to trust these folks really at all. Their “mistakes” always seem to add up in their favor.
I “locked” at 4.5%. Does this seem a little high for an FHA mortgage? I think it does.
I am past inspection, appraisal (also “FHA Inspection”) has been ordered and is due back by Wednesday.
What happens if I change lenders right now?
Do I even have the luxury to change lenders right now?
Pardon the questions – I’m a first time home buyer.
Any advice or help is greatly appreciated.
15 vs. 30 Year Mortgage
They will just sell your home for the difference after you die. The bank
would still own your home if you have not completely paid it off. Lots of
reverse mortgages in the retirement community.
Ya but I andestanding in oder for person to cualifie after 65 have to has a
co-signie I’m right?
Is person that retirement already cualifie to to buy a house