Need a lender!!!

Joshmerd · Joined: 14 Sep 2005 Posts: 14 Location: Charleston, SC

Hello. My wife and I are interested in buying a home, but have been unsuccessful at securing a loan thus far. I would be interested in finding out if any of you have some good ideas about our chances. Below is the info:

-My middle FICO:636
-Income: 30K/yr
-Debts: deferred student loans (until 2008-9) and two car payments (289, 279 - NOTE: we are in the process of selling the 279/mo so I hope you dont take that into consideration as it will be gone in a couple of weeks)
-I have worked at my job for 4 years
-We have found a home (pre-construction) and it is due to close in March 2006
-the price of the house is $129985, of which we have already put in earnest 2000 bringing the total due to $127985.

If you need more info, please let me know!

Joshmerd · Joined: 14 Sep 2005 Posts: 14 Location: Charleston, SC

Sorry, I should also say that the home is in Summerville, SC and that we were given 10 days to show a pre-approval (this may be flexible)! Thanks!

chow · Posted: Mon Sep 19, 2005 4:32 pm Post subject:

For the sake of you wasting any more time typing,

I'm going to lock you posts up as read only.

(Just kidding)

You seem to keep shopping the mortage market?

The title fee's will never change. it can varie by a $50 bucks
The state tax stamps will only go up,
The Real Estate taxes, is an ongoing cost of your schools and community. You've posted -how many posts for help?

Is there a problem with speaking to someone? :cry:

Joshmerd · Joined: 14 Sep 2005 Posts: 14 Location: Charleston, SC

Well, from what I remember I posted this just before getting a response from Salem Mortgage Corp.

And, I have spoken to many LO's, only to find one thing: a lot of them are lazy and are unwilling to find every possible option for whats right for me. (Now, before that gets anyone upset I should point out that I did not say 'all LO's are lazy'.) It is only my luck that I talked to 7 LO's and only one could help. I am sure that if I talked to 7 more, they would be just as nice as the last!

As for wanting help, I saw a very active board and read very helpful things. I also am the sort of person who doesn't like to get screwed whether it is a $10 DVD or a $130000 home. :D

I dont understand this:
Quote: The title fee's will never change. it can varie by a $50 bucks
The state tax stamps will only go up,
The Real Estate taxes, is an ongoing cost of your schools and community.

???

-- Josh

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Quote: And, I have spoken to many LO's, only to find one thing: a lot of them are lazy and are unwilling to find every possible option for whats right for me. (Now, before that gets anyone upset I should point out that I did not say 'all LO's are lazy'.) It is only my luck that I talked to 7 LO's and only one could help. I am sure that if I talked to 7 more, they would be just as nice as the last!

Then I will assume that you did inquire with someone from this board and have checked out all the avenues that they have offered, correct?

Chow was offering some info specifically on the cost of things to consider

Joshmerd · Joined: 14 Sep 2005 Posts: 14 Location: Charleston, SC

No I have not. BUT this is only b/c I was approved before I started going that route. You all have been really helpful so far and I will consider you guys later down the road (4-5 months to be exact)!

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Don't get me wrong, i'm not trying to be a prick. However it seems to me that you've asked around here and gotten a lot of information very useful for your scenario, but you still have questions. Are you asking these questions of your lender? Are you sure they even know what they're doing? That's what I'm trying to get at. 4-5 months down the road I would hope you'll still be with whomever provides you with your final qualification for your loan.

chow · Posted: Tue Sep 20, 2005 7:06 pm Post subject:

From a contractor standpoint- and I have been one with rehab friends-

Do not start off with one company for a pre approval letter and then move to another. If you're building-you want continuity with your lender and your builder. Your builder's staff will develop a working trust with your lender, and visa versa. Construction loans are not as easy as a built home, or a refinance to process and underwrite. You would be better served finding a Loan Officer who has "Contruction to Perm" mortgages, and has a good working knowledge of various types of construction loans available.

What is going to happen is that your builder will MOST LIKELY call the lender, who's preapproval letter you present to them, and verify that you have indeed had most of your paper's and disclosures signed and turned in-then they are going to ask if the loan is accepted by one of the agency underwriting systems, or if you are having your loan manually underwritten. Then the plans and spec's need to be sent to the Underwriter, and they have to be requested, or you play courior and go get them.

There are a lot of things that go on in the background on a construction loan, or new build, rehab-that most customers never even know about until they are knee deep into it. (building and rehab is the most streessful type of loan/housing change-you can go through-IE find a LO that has big shoulder's and a good sense of humor! )

This is just some of the things that will- or can happen. Now you know why not every LO wants to do a construction or new build type loan. They may not be lazy, they just may not have the staff to assist them with these transactions, and do not want to have the added work load. I'll be honest with you, I know of 2 processors I would let handle any of these loans, and I've wrote loans for 6 companies over the years. Right now, if you begged me-I wouldn't touch that loan, due to the fact, I don't have a construction type processor on my staff to help me. Not everyone does every type of loan.