Valued Contributor
IOBA
Posts: 2,659
Registered: ‎08-13-2009
Re: Worst experiance of my life
[ Edited ]

And in about two weeks, it will be behind you.  Sorry it's been tough.

 

When I bought my house a month ago, conventional, 20% down, the lender suddenly would not accept well established (aged 3 months or longer - in some cases years old) CD's, annuities, or retirement.  They wanted LIQUID cash in the bank.  To me, a CD is liquid cash becuase you can cash it out at any time for most of the value.   According to the lender, nope.  They actually made it a condition of the loan that I had to cash out 4 large CD's, show the money trail from CD to savings, and have the bank write a letter stating what was done including all account numbers.  (lol - and after paying the penalties, the cd's reduced to the bare minimum to stay open, they gave me an "exception" to cashing everything out - I only had to cash out 2 cd's.)

 

The kicker?  I had enough CASH in savings, at the time of the application, to close and to pay for out of pocket related expenses.  The CD's, annuities, and retirement were extra that we didn't need to use or want to touch.  The bank would not consider any direct deposits made in the prior few months before the app was made, even though it was a well established direct deposit that had been occuring for more than a year.  The lender also calculated the cost for appraisal, inspections, and insurance premiums to be in the cash pot.  *eye roll*.

 

After I closed, I moved the money back into 2 of the cd's bringing them back to their former glory.  I put a little back in the other 2 cd's.  They should be back to their former glory in a few months.   And I paid cash for a used truck.  I wasn't a credit risk at all - no debt, no lates.  It felt like the underwriter was looking for ways to thwart the deal, knowing that I would jump through whatever hoops she put out there.  Her conditions were off the wall and unheard of before in my lifetime!

 

Sometimes we just gotta suck it up and accept their crazy rules to get the end product - the house.  

 

Maybe you can sell the car to a family member?   Then "buy it back" when the deal is done with the house?