Probably the opposite of everyone else's problem.....

[getnthere]

Back story:  We applied for a VA loan, and were approved, and told what the monthly payment would be.  But on the day of closing, lender updates the tax info from Title company, and monthly payments jump by almost $600, and the underwriter still approved the loan!!  The payments would be over 45% of our GROSS income!

Problem:  We can't afford the mortgage payment if it is that much more.  But since the house is already under-contract, the only way to get out of it is to have your mortgage application denied, otherwise you could lose earnest money and liable to be sued by sellers for damages. 

Has anyone ever had this problem before?  We are desperately trying to get the lender to disapprove the loan, so we can get our earnest money back and not be sued by seller.  It's a VA loan, are there any limits to how much of your income the mortgage payment can take up?  Willing to try any angles you guys can think of...

[Anonymous]

Go buy a new car tell your LO oops I forgot

[IOBA]

Wow - sorry to hear this.  Please let us know how it works out.

Why such a huge jump in monthly payment?   They are suppose to do a good faith estimate to include tax payments.

[mamahearts]

Or a high CL credit card.  Jeesh!  Good luck!

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@Anonymous wrote:

Go buy a new car tell your LO oops I forgot

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[Booner72]

You can get out of it and get your earnest money back based on the new information from the title company.

[getnthere]

Well, I just found out that the taxes are public knowledge once you know the property you want to buy.  But the mortgage company put the national average (i am guessing) on the GFE's they sent us up until the very end.  When they finally updated it to the actual taxes, it was too late to pull out of the contract.  I am a first time homebuyer, and didn't think I needed to check the mortgage company's numbers for them...apart from the property price and interest rate.

[mamahearts]

Maybe you should check with Brian or Shane or Dallas?  Good luck!

[Jazzzy]

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@getnthere wrote:

Well, I just found out that the taxes are public knowledge once you know the property you want to buy.  But the mortgage company put the national average (i am guessing) on the GFE's they sent us up until the very end.  When they finally updated it to the actual taxes, it was too late to pull out of the contract.  I am a first time homebuyer, and didn't think I needed to check the mortgage company's numbers for them...apart from the property price and interest rate.

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Every number needs to be checked and re-checked. Did you get an informational sheet from a realtor when you looked at the house? What did the realtor have listed for taxes?

[Booner72]

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@getnthere wrote:

Well, I just found out that the taxes are public knowledge once you know the property you want to buy.  But the mortgage company put the national average (i am guessing) on the GFE's they sent us up until the very end.  When they finally updated it to the actual taxes, it was too late to pull out of the contract.  I am a first time homebuyer, and didn't think I needed to check the mortgage company's numbers for them...apart from the property price and interest rate.

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So the bank is telling you that you should have called the county yourself to verify the taxes? 

If you tell your loan officer you can't swing 600+ more a month, that LO should get you out of it.  How much is your earnest money? 

If they are going to hold you to this you need to get a real estate attorney.  This is certainly a new one - I know you will get the answers you need very soon.

[Booner72]

PS:  The loan officer put the NATIONAL AVERAGE?  NO NO NO.  That just can't be right.  I went through two houses and the first thing my LO did is find out how much the taxes were so she could calculate the new payment.