I got all the baddies off my credit report and my middle score is now in the 680's (up 100 points in a couple of months). I have no debt so my payment ratios are 23% and 23%. I am looking for a 65% LTV loan. My business has not shown a profit in the past 2 years because I have been plowing all the money back into it, but I have more than enough provable income in Pensions and Social Security. I have zeroed in on the house I want to put on my free-and-clear land and it looks like the mortgage will be for $95,000 +/- $5,000. Now I am trying to see what teh financing will look like and I am hitting a brick wall. No banker will giove me a Good Faith Estimate of teh costs of the loan, interest rate and closing costs except one, and in that GFE the numbers don't add up (meaning 1+1+1 does not equal 5, simple math like that).
It seems that the bankers are all shying away from me. They ask for 100+ pages of documentation and I provide it - tax returns, 1099s, bank statements, passports - you name it. As soon as they get it they vanish and seem to cut off all communication with me. Since they won't give me any informatiuon without pulling my credit, I now have a dozen inquiries on each Bureau and I am puttinga stop to that insanity. No more applications.
They seem to be telling me that the house won't appraise for what it is supposed to. Is that a possibility? If so, I need to renegotiate the sales price, but will that matter?
Worst case scenario - I stay in the house I have now for 2 more years (it is free and clear) and pay cash for the new house. What signal am I missing? It seems they are completely ignoring everything I say - on the bank statements they wanted me to explain EVERY deposit (even the ones from Social Security and the pensions). It just seems they are looking for any reason to deny the loan and will not stop until they find or make one.
