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Ask yourself this: can you afford to lose $1000?
I recall from another thread you started that you said that this loan officer works for the builder. I do not think this loan officer is necessarily working in your best interest.
This is a win-win situtation for the builder and loan officer. Either you buy a house from them, or they get your $1000.
There is more to a mortgage approval that a FICO score. Even if you do get your scores above 620, there is no guarantee that you will get a loan. Remember, the lender, not the loan officer, makes the final decision about whether or not you get a loan.
yup the earnest money of a $1000 is a lot to lose. I was kinda scare when they asked me and hubby for a thousand dollars. after we told him no we wasn't putting up a thousand dollars cause things might fall through and we might not get our money back. he told us well just BRING ME A MONEY ORDER FOR $100!! and we did and we close on June 26 we went to a builder also.
Everyone else that was coming in the office had there $1000 earnest money he just told us dont say anything lol and we didnt! So ask if he can make an acception in your case?!...
jamevfan wrote:
Well when I spoke with him he guaranteed he could get me approved once my score was above 620, but I am also new to all of this and desperate for a home. you have convinced me to wait.lol until I can get an approval and go from there.
You know, I was just re-reading your other thread, and it seems clear to me that the LO is trying to take advantage of you.
Previously, you said that the LO said your scores were "good" but that your motorcycle repo and recent lates on your Conn's account were blocking approval.
Now, the LO is saying that your scores are NOT good enough yet, but if you get your scores up above 620 then you're "guaranteed" to be approved. Well, what about that repo and Conn's account? Are those suddenly non-factors?
There is no way that the LO can guarantee approval with a clear conscience.
You should consider getting a second opinion from a loan officer that isn't in the builder's back pocket.
Well that was from another loan officer not the one im dealing with now, I was also told by the builder today that if for any reason the loan doesnt go through at this point they will keep the money for me in an escrow acct up to a yr so that i can use it at a later time. I feel better with that being said being that my scores are coming up continuously and fast also with the favor I have it's already done! Thanks for your time and comments, God Bless!