Underwriting wait.. a nightmare!

[Anonymous]

I have my cell, home, DSL, and Direct TV bundled...with Att I wonder if that is going to be a problem since I cant get one for cell phone....we will see...

[mauve]

I was concerned that 30 days was too quick.  I had to ask for an extension because I changed lenders and FHA loans want 60 days for closing.

The renegotiating was hampered by the slowness of bureaucracy as well as the seller apparently not even understanding the 203(k) program.  They were expressing doubt about if it was true that I had to compare the after-improvements appraisal with the cost of the property plus improvements.  I'm making up the difference with the 110% appraised value allowance in the 203(k) program - I sincerely believe that appraiser is wrong about the value.

[Anonymous]

It will be really interesting to see what the appraiser comes back with on this property..although I still am not sure if they will be even willing to renegociate...they are only taking cash buyers or 203k, they aren't too happy with that because they said it is too much work!

[alleycat1975]

Well its been 45 days since i put  a house in contract...  and the results are now final..

Its not gonna happen  

The loan came back suspended with conditions last week, i met the conditions and now the underwriter feels like she just wants me to have some more time on my good accounts.  

The builder is offering a ground up build which would give me the 6 months the underwriter wants me to have but i have to move like yesterday.   The landlords here are feuding and the one being the jerk decided to call the city and shut off my water (the bill was in my name)  is it illegal-- yes.. but the only thing they can do is go after him for the code violations.  They did turn it back on for me as a courtesy for 10 days.   So I have no house... and 10 days to move myself 4 cats and 2 dogs.   Frustrated?? uh yeah.

I just wish the whole "suspended with conditions" would have just told me then to wait 6 months.   Not sell my truck to pay off a loan and jump thru hoops to meet their requests. 

The funny thing is they told me to move and find a place with a higher payment to show that i can pay a higher house payment..  but yet they only want me to rent for 6 months..  I'm going to have a hard enough time finding a place for a year!!  6 months?? ha--thats good. 

Well the plus side is I can move my things and sue this loser landlord for Retalatory Eviction..   humph.. 

I will probably just wait until next year and try again.   By this time next year both of those bankruptcies I had will be gone and all my good accounts will be over a year old.  Then I should be able to point to a house and say "I want that one" w/o getting hassled.

Meanwhile...  STRESS...  it sucks.

Thanks April

[mauve]

Wow, that sucks.  So much.  I'm really sorry.  Maybe you need to find a new lender.

[alleycat1975]

Thats what my realtor wants me to do.. check with an HER real living mortgage person.

Part of me figured I'd have to wait because my cc's both are only 5 months old and my car loan is only 4 months old and other than a student loan, those are my best accounts.  But its disappointing none the less.

Compounded with the absolutely pointless land lord drama.. its just crappy all around.

[supercoupe91]

Alleycat

So the underwriter waited 45 days to tell you that you didn't qualify? Wow that is just wrong. I'm not quite sure, but underwriters often aren't the quickest cats in the best of times. 

Wouldn't worry too much, there might be better incentives to buy around the corner.

[alleycat1975]

Yeah they sure did.   My LO said she couldn't guarantee but that they both (underwiter and LO) were astonished at the work i've done on my credit.  Yeah, thanks for the compliments but that doesn't help.  I sold my truck for crying out loud!!  Sure I don't have that loan to pay on anymore but I didn't want to sell the truck! 

Sure we could go into contract for a new build and by that time I will have met the time frame they want me to wait but again, finding a place to rent for 6 months isn't going to happen.

both my BF and my dad didn't really want me to have this house so i guess its a good thing.  Its in a subdivision and my dad wants me to be in the country.  Plus the builder was paying 3 points and i was going to have a good tax program..  

Eh.. guess i can't dwell on it.

[Anonymous]

Start searching for a new lender....I wouldn't be willing to let go just yet!!!!  45 days is a long time for them to be toying with you!!!!  There are other fish in the sea!!!

[Anonymous]

I agree alley. Thats insane that they dragged it out for this long instead of being upfront. Sorry you had to go through that