kind of feels like a low blow

[19hhbelgian]

Quote:
My in laws bought a farm recently and talk about getting the run around from the bank. the night before settlement, the bank called and told them they still needed more information, and with out it they couldn't give them the loan they had already approved

It still frustrates me to think about it! They wound up going to the local bank (litterally - it is the New Tripoli Bank

) and were in and out in no time - with the loan papers signed and completely official. The big banks simply do not care. They make calls at times when you will not be able to get back to them right away, and just take you for a ride with no real end except a migraine from the frustration.

Try your local small bank, that is still owned by the locals (if you have one like that). They might be more willing to help.

 

[TwistedSerpent]

We had to jump through that whole 'we need more info' hoop too for this loan, will definatly try smaller banks too when we're able to call around a bit.

 

[Me & My Peeps]

Just dont get so caught up in the emotion of buying a house, that you "Take anything - just to have something". Good luck, take your time. Its a buyers market, EVERYONE is flexible, even banks to a point.

 

[JetBlack]

Write out an explanation, for the bank. If the credit issues are truly the ex-'s fault, a short explanation will make it all better, with the bank, as long as it makes sense.

Other than that, fix the credit problems, rather than finding a different bank. Someone will loan you the money, with a much higher rate and will ask for a significantly larger down payment. Long term bad news.

I was a mortgage broker, just when the housing market imploded. Our branch did not make any loans for the last three months I was there. Fixing his credit might only take a month, once you find out what the issues are.

 

[AngieChick]

If he only has one card with a $500 limit and that card is maxed out (or close to it), it will reflect on his score in a big way. I think it's something like 30% of your credit score is your "debt utilization", that means how much of the available credit is actually used. So, if you pay that card way way down but keep it open it should up his credit score by enough to make the difference.

We went with US Bank and had a very positive experience getting an FHA loan.

Good luck and don't give up yet or sign up for a much more expensive loan. Try paying down/off that card first, it will be cheaper in the long run.

--Angie

 

[TwistedSerpent]

So just an update, we found another lender (the one that requires classes). Because its a mobile home we were pretty restricted but we did find one. It turns our first lender gave us a very low interest rate for the first year, however they put on about $3,000 extra in fees, the one we have now is a higher interest rate but we will be paying about the same montly without the fees the other one (which was US Bank) tacked on. We've asked about every other minute that there isnt going to be no big suprise later on like the last one and so far theyre confident that their wont be and have sent their pre approval letter. So once again onto scheduling the home inspection.