Did the builder of the new construction you were interested in have a preferred lender? Normally, you will get more incentive when you go this route. I noticed that you said the realtor told you about a lender. Does your builder have a listing agent? Again, you will get a better deal. Why are you trying to buy the lot up front. I taught you would be doing a Pre-sale. I was in a similar sitution like you when I started my build. My middle score was 610 but I was still able to get a pre-qualification letter. This gave me more than enough time to correct my credit report and pay accounts down. While I'm doing the worl the house is being built. When I apply for my loan my middle score was 670. So it would have been better in my opinion, if you would have got pre- qualified. Sign the contract, then work on fixing your credit. It's a risk that you take however it falls on you to get the work done. Basically, you don't want to lose your deposit. Then again you may get a pre-qualified with the disputes on your credit report. The LO most likely would have told you want you needed to do to pull your score up.
Starting Score: EQ612, TU644, EX622 4-22-17
@Anonymouswrote:
Forgot to add yes Pulte does have mortgage options but if I don’t have right score or DTI too high I doubt they could help. Plus I’ve heard horror stories where Builder preapproved but then you can’t pass final UW approval then you lose your huge deposit in my case 34k
Sorry, if I confused you when I said Pre-Sale. A new home that is being offered for sale before construction is called a Pre-Sale. When you said buy the lot, I taught it was just the lot. What horror stories have you heard? Lenders and builders work hand in hand. Who do you think funds these constructions. That just part of the real estate business. No matter how you look at it. You are going to need to get a loan from someone. What make a preferred lender different than another lender? Answer is you will get more incentive. (Paid closing cost up to a specific amount, fence, fridge etc.)
I don't mean to be intrusive about your finance. However you was about to put $34,000 down. Yet, you say you have a high DTI. ??
Maybe post your information. The link below shows the format. Someone will tell you why you will not qualify and what to do too get qualified.
Pultec sells houses in the state that I live. My friend actually brought a home from them. I asked him did he used there lending service.
I just closed on a new construction home with Pulte and used Pulte Mtg. I also read the nightmare stories and would not risk buying thru Pulte if I was a Marginal buyer with any question of getting approval. You absolutely will forfeit your $34,000 if anything goes wrong.
Having been a Lender for 30 yrs I knew the drill and was willing to use Pulte Mtg only because I absolutely knew we qualified and had a back up plan should something go wrong. I found Pulte Mtg no more incompetent than other Large Lender using a Lending Center model.
Good luck dealing with those folks, I would never have done Pulte, except I wanted to live in that community and it’s Pulte or nothing
Having been a Lender for 30 yrs I knew the drill and was willing to use Pulte Mtg only because I absolutely knew we qualified and had a back up plan should something go wrong. I found Pulte Mtg no more incompetent than other Large Lender using a Lending Center model.
Good luck dealing with those folks, I would never have done Pulte, except I wanted to live in that community and it’s Pulte or nothing