Pdj79
join:2005-04-15
Fishers, IN | While its not a better deal, its pretty much all I have at the moment. Because of the housing market crash, the highest foreclosure rate in the country (Indiana has over 1% of all mortgageable property in foreclosure), and lenders drying up by the handfuls, my house that I received lender pre-approval for, was built to my specifications, and is ready to move into as I type this will not be mine. The loan I was to have received was an FHA 5.9% fixed with no amortization and a monthly payment (tax and insurance included via a $175/month escrow) of $875 to be reduced to $750 in 10 years. But due to all the crap that lenders have taken from sub-prime loans they changed the requirements for the pre-approval after the fact to require liquid assets totally $6,500 after the required $5,000 down payment. The $5,000 was hard enough to secure (God bless 401k). The $6,500, which we were told about 3 days before closing, was impossible as gift money (borrowed from family) was forbidden.
So, now there's a house we can't move into and a builder who is threatening to sue us for $5,000 for failing to close like its our fault. And before anyone says "take your loan to another lender", I already tried that. Well, the builder did, anyway. They sent our loan to 5 other lenders, who each pulled our credit -- summarily destroying our scores in the process, then found out that we were denied the FHA loan and, in turn, denied us. Now my credit score, which was 742 when this process started, is now hovering at 614. While its only temporary, its still aggravating to know that if I went out and bought a car right now, instead of the 7.4% I was qualifying for, I would be getting a 14.9% offer. Nice.
I'm not bitter or anything :P |
