Lender Playing Games

[DallasLoanGuy]

this doesnt make sense.

closing costs were to be paid by someone else..... the appraisal was fine....  

sounds like the contract didnt have all of the costs covered to begin with.

[MrChairman]

Another update here.

I called the Loan Officer's boss yesterday. Of course they apologized for the loan officer and his rude text message to me yesterday. Got a call this morning that he repulled the credit and we were good to go. Rate will be 3.875. He will send over documents today. I told he want to close on Friday so that means we must get CD's today. We are hoping that's the case! Will keep everyone updated. I guess contacting the boss got things moving in the right direction VERY quickly!

[IOBA]

I hope it works out for you!

[MrChairman]

Another update. We did get the rate lock docs signed and sent back today. Should have the closing disclosures tomorrow or Thursday at the latest. LO said we should close Monday or Tuesday. Of course we are hoping for Monday. Apartment living is starting to be a bear! And thank you all for the well wishes!

[Anonymous]

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@onstar wrote:

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@MrChairman wrote:

I have been working with a lender here in the DFW area. We were all set for closing or so I thought. I had expressed since the beginning that I wanted the closing costs rolled into the loan. We had the house appraised and I don't believe they gave the appraiser the correct purchase price as the appraiser came back slightly above the contract price of 384k. They now want us to come up with 4k additional within a week. I told the lender on Friday that this wasn't possible as he just told us earlier in the week to put all extra cash towards paying down credit cards so we could get a rate in the 3.5% range. I'm trying to see what are our options here. I could come up with the money but it defeats the point of having a VA loan and no money down. Has anyone ever heard of the builder just throwing in the additional closing costs just to get the deal done? I'm hesistant at this point to change lenders since were so close to the finish line but I told him wife that if nothing is worked out by next week we will just delay the closing until early Oct. and go on the search for another lender and possibly order another appraisal. 

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That would be illegal.

1. Your lender should have been clear with you from the beginning that the appraisal may come back lower than the purchase price and that they have no say in the matter.

2. Even if the appraisal is higher than the purchase price, VA loan only goes to 100% LTV. The LTV is calculated based on the lower of the purchase price or appraisal. If the appraisal was higher, then you could have increased your purchase price and the seller could have made seller concessions. But there is no guarantee that the seller would agree to that.

3. I've seen many sellers/builders make concessions to get the deal done. If you explain the situation, it might be possible.

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This isn't totally correct. If the appraisal supports it the 2.5%  funding fee can be rolled into the loan.

[Sbrooks1]

Praying this works! What was your MMS after the RRS

[MrChairman]

The funding fee actually can be added even if you are at 100% LTV. It has nothing to do with the appraisal. 

[MrChairman]

Latest update: We FINALLY recieved our CD's yesterday. The LO sent me an e-mail around 5:15 yesterday asking me to sign some additional paperwork that I know for a fact I sent them in Jan. So after my wife finding a Kinkos and me going back to work to print, sign and, scan them back ASAP we got the CD. The processor was nice enough to stick around and wait for us to get these back to them. So after all of that we will be closing on Monday at 9am! I will update the thread on Monday.

[Sbrooks1]

News !!!