Hello!!! This is my first time posting (although I've been stalking for a while..haha).
I'm a first time homebuyer and have a lot of interest in Centex. I have been speaking with a mortgage rep in Houston at Pulte, and she has been pretty reassuring that she can get me approved for an FHA despite my BK7 (discharged 2 years ago). However, they require in $2500 earnest money for the subdivision where I want to build and I am a bit nervous due to the news reports about them "swindling" buyers out of their earnest money.
Has anyone had a bad experience with Centex/Pulte? Any help would be great!
You make me nervous. We are building a house with Pulte and have a dead in lieu reaching 3 years at the end of September. The house is scheduled to be finished at the end of November. We put a lot of earnest money down but they say if you cannot get the loan they will get your money back.
I am looking at Pulte as well, because I am questioning Primelending.
I am in Virginia, but when we started looking for homes Centex had a development near us. I started doing some online recon on the builders and I found TONS of complaints about Centex. The sad part is most of the complaints were directly on their facebook page. So, I don't have first hand knowledge with dealing with them but after doing the research, I chose to stay far away from them. Maybe they are different in your area... but that is my limited experience.
centex used to be good. their builder division was weaker than their retail division though.
i am always leery of builder's lenders.... loan officers work there for the leads because they can't get them from realtors.... telling.
prime is good. but like any company, only as good as the loan officer.
Every loan officer is NOT created equal. Just as there are bad plumbers/mechanics, etc....there are bad loan officers. Some loan officers are happy just barely meeting their monthly goal and do not have much desire to actually work harder for the buyer. Just as any job you yourself have had, you too likely notice some employees are willing to go the extra mile while others are not. Loan officers are no different. I have seen people get denied for loans simply because the loan officer and/or mortgage processor doesnt know enough to make the deal work. Try to find reviews on the loan officer you want to work with - word of mouth or online.
As far as your builder, I dont have any specific information but I will say that every major national builder has complaints on facebook or twitter - its just the nature of the beast - consumers are more like to complain than compliment. Same is true for anything: restaurants, grocery stores - go read their facebooks as well - filled with complaints. It doesnt necessary make them bad, its just that complaints tend to be expressed more freely. This makes it hard to decide who to go with...look for major types of complaints over serious issues. Heck, if you are comfortable with speaking to strangers....go for a walk around the neighborhood you are interested in buying in and ask the other home owners you encounter (not necessarily saying knock on their door) but if you go to the neighborhood on a Saturday, you are bound to find people cutting grass or walking around the block or washing their car, etc. I have found that most are more than willing to tell you about their experience. And their comments are the best becuase they are dealing with the actual group of people building your house (not a general comment about someone elses experience with the group from a totally different state).
Well let me clarify, I didn't just use the facebook to base my opinion on. 1. The sheer number of complaints on their facebook was key (and major things) 2. Asked around, got some opinions 3. Looked at lots of sites and lots of feedback and 4. used my best judgement!
I think the other thing that helped me was also not just looking at only one development... we looked at lots of different options, neighborhoods etc... and just went with the best one that seemed to have our best interest at heart. The local builder we used had a lot of major accolaids and awards and had a very good reputation in our area. And I must say they have been great throughout this. Just gotta do your homework and go with your gut.
Hi - I can help a bit...
We started to build a home with Pulte in 2011. At that time they were allowing you to put money down ($2000) apply for the mortgage and they would work with you to get you through to approval (if they could). We were promised we would get our money back if not approved.
We were not approved and as promised we received our money back. They did everything they could to get us approved and I think it took a week to get the money back, maybe less.
We did just apply again with Pulte in February of this year and we DID NOT need to have any earnest money down. I think that is what you need to be wary of. Work through your Centex representative to contact Pulte - I dont believe you need to do any kind of earnest money to run credit with them and determine where you stand.
We bought through Pulte recently and it went fine. They required a $7500 earnest deposit for houses in the community we bought in and like you, we were a little worried but it all went well and we've been in our new home a little while now.