WHY

[Anonymous]

SO WE ARE GOING THROUGH A NEW SUBDIVISION...THE BUILDER HAS A GUARANTEED 5.875% RATE WITH THEIR PREFERRED LENDERS...BOA, COUNTRYWIDE, FLAGSTONE, OR CORNERSTONE...NOW WHY ARE SOME OF THEIR LENDERS ARE GOING ALONG WITH THE OFFER BUT SOME ARE NOT...ALSO WILL THE CC I APPLIED FOR A WEEK AGO HURT ME...THEY HAVE NOT REPORTED YET...AND I PLAN ON APPLYING FOR A FHA MORTGAGE WITHIN A WEEK...WHEN THIS COLLECTION ACCOUNTS GETS DELETED FROM TU...ALREADY DELETED FROM EX...AND EQ...SCORES: TU-591(CO HAS TO BE DELETED) EX-593(DUPLICATE ENTRY HAS TO BE REMOVED) EQ-586

[DallasLoanGuy]

it is called advertising.....

*sigh*

[Anonymous]

I KNOW IT'S MERELY ADVERTISING...BUT...I WAS WONDERING WAS THERE A CATCH...I DON'T WANT TO BE SO SET ON THIS...THEN TURN AROUND AND GET SOMETHING DIFFERENT...YA KNOW...I'M A FIRST TIME HOME BUYER...SOME THING SEEM TO GOOD TO BE TRUE..I MEAN...I HAVE BEEN THROUGH...MANY LIES FROM THE BUILDERS...

[Anonymous]

I am quite certain that the rates they advertised are for highly qualified buyers.  I would not get your hopes up that you will see those rates.  Home builders are advertising some great deals that are only great for a small percentage of buyers.  I was in a buiders office last weekend and he offered a house that had originally contacted for 206K and fell out of escrow for 180K plus $7,500 towards closing plus 3% down payment assistance plus he offered to buy out my current lease ($4,000).  Upon further discussion he wanted a 720 fico for great rates, a 650 for ok rates and lousy rates below 620.  Bottom line---if it sounds to good, it is.

[ShanetheMortgageMan]

---

slyhouse08 wrote:
I KNOW IT'S MERELY ADVERTISING...BUT...I WAS WONDERING WAS THERE A CATCH...I DON'T WANT TO BE SO SET ON THIS...THEN TURN AROUND AND GET SOMETHING DIFFERENT...YA KNOW...I'M A FIRST TIME HOME BUYER...SOME THING SEEM TO GOOD TO BE TRUE..I MEAN...I HAVE BEEN THROUGH...MANY LIES FROM THE BUILDERS...

---

There's always a catch - you have to qualify.  From a mortgage companies perspective, if they listed the qualifications then they would get less people coming to them for mortgage financing.  The less information they provide, the more "flies" they will catch, some of them will be tasty (qualify) some of them won't (won't qualify), but if they are choosey who they work with they'll get less overall applications.  It's a numbers game.  That's why I recommend if you don't want to be treated like a number, find someone who cares about their clients and work with them.

[Anonymous]

I'm not so much worried about the interest rate...as I am in them paying partial closing costs if you use their preferred lenders...also you get a 3000+ discount for not having a realtor...which I don't...I talked to a company today...the catch is...all your scores have to be over 600...I'm REALLY close to that...so I was wondering if I should pay down more on my credit cards...and get a rapid re-score...he said all scores under 600 will probably get a 6.25& rate...

[ShanetheMortgageMan]

While not all builders are this way, I bet you can likely end up whoever you want to use for financing and get the builder to cover partial closing costs... the builder makes more money by selling a home than getting you to use their preferred lenders.  Unless there are people lined up out the door to buy from this particular builder, they aren't going to be as "picky" as they make themselves out to be.

[Anonymous]

I'm just exhausted with the whole home loan thing...I moved out here from Louisiana to Texas...for a home for me and my new family...they was denied before closing...I don't like it..but I need a house..I have a good job...I just want people to be bluntly honest with me...tell me up front...what the odds are for approval...these people do this for a living...I know I'm not their first client...I'll try...once again in about a week...fingers crossed....

[ShanetheMortgageMan]

I'm sure it'll work out for you, just be persistant.