kind of feels like a low blow

[TwistedSerpent]

As some of you might know me and my bf are working on buying a house. We found a place we really like, started jumping through the hoops, got our expenses all in order, made an offer which was accepted, only to find out today that we weren't approved for the loan due to my bf's credit being a few points too low (which is actually his exs fault). We both feel like we've been offered something we want badly but were kicked in the gut instead. Its just frustrating, were off now to look for a lender we can get it from.

 

[LeBlackbird]

Well Darn

My parents almost bought a Horse farm once, but the Owner Apparently Cheated the bank... We never got the loan or the farm...

 

[Laurajean]

Get a Pre-Qualification letter this time so you know where you stand. And then when hoop jumping time starts again, get a Pre-Approval letter so you know you're all set to move ahead. I just bought my first house a few months ago. I got a real education out of it (and a lot of head aches too!)

Good Luck!

 

[saddina]

When you check credit, make sure you check all 3 sets, sometimes they vary a bit.

 

[chickaddict]

Quote:
The only way to fly if your lookin' to buy.

To bring your credit score up a few points close any credit cards that you don't owe any money on. High access to credit is a negative on your credit report.

 

[Me & My Peeps]

The most powerful paper you can hold when looking for a house, is a Pre-Approval letter with the approved amount stated. You can almost always get a house advertised slightly ABOVE your stated loan amount, just by having that paper and making an offer for your approved amount.

Another note, just because your approved for $XXXX, does not mean that you HAVE to borrow that amount. Leave plenty of room in your budget for layoffs, medical emergencies, baby's etc. This is a BUYERS market, like no other time in history. Use your buying power wisely and you will gain equity faster than everyone else.

Good Luck!!

 

[Steve_of_sandspoultry]

It's hard when you are a first time buyer. Be careful you don't want it sooooo bad that you will accept bad terms for you. I know you don't want to hear this but sometimes it's better to step back and regroup.

Steve

 

[saddina]

Quote:
This too. Last summer we had a deal fall thru. We had a super tight timeline and told her going into it. we gave them 48 hours to get back to us, 2 weeks later they called to ask if we still wanted it, nope, i've had to rearrage twice for you, I made other plans. Now 6 months later I need to shop for a wheelchair accessable house with ramps, or room to put them in, if we'd gotten the house we wanted, i'd be tearing out a 2 year old kitchen and bath.

 

[TwistedSerpent]

We were pre approved though, had the letter and everything, we got the call a few minutes after we heard they accepted the offer. What really makes it hurt is that it is really hard to find a place we really want where we want with how much we have to spend and this place fit all those criteria.

 

[Me & My Peeps]

Quote:
Sounds odd. Banks dont usually make an offer letter without having already run a credit report and looked over finances. Maybe it's for the best, even thoguh thats not what you want to hear. The bank/mort place may have changed its intrest rate on you at the last m inute....."Well we DID say that you dont qulaify BUT....we can get you in at a higher interest rate">.....