URGENT! Need lender by friday

len979 · Joined: 28 Feb 2007 Posts: 2

Hi all. I am in urgent need of a lender. I posted my stats ealier in this thread ...... http://www.mortgageforum.net/viewtopic.php?t=2999. However here's a quick summary:

I make about $70,000 a year so I can easily afford the mortgage.
I have been with current employer for about 3 years.
I currently live with my girlfriend, and although i'm not on the lease, my name is on the rent postal money orders.
I'm putting 5% down.
I have verifiable cash in the bank to cover the 5% downpayment and my $2500 share of closing costs.
My FICO score is 640 - 656
I have a chapter 7 bankruptcy that was discharged 14 months ago.
I have only one credit card with a balance of only $480 on which I'm paying $37 a month. I have no other debts.

After the Appraisal the seller was forced reduce the selling price from $115,000 to 107,000. I am going to meet seller halfway ($2500) on the closing costs.

Here's the dealbreaker.... My broker told me my rate was going to be 8.5% and even stated so on the GFE he sent me. Exactly two days later I got the loan commitment letter from the lender (Option One Mortgage) and the rate had jumped to 9.15%. When I called my broker to complain about the rate increase, he gave me a bunch of excuses.

I feel he's been stringing me along, with his lowballing of offers. The first time I conctated him, he said based on my situation, I should get a rate of about 7.5%. Then because of one thing after another the rate jumped from 7.5% to 8% then 8.5% and then now 9.15%, two days from the commitment date on the sales contract. I now realize I made a mistake by not insisting on a rate lock commitment letter earlier. His broker fee is $2185 as stated on the truth in lending I received from the lender, but I feel he's getting more jacking up our rate.

Can anyone get me 30yr fixed at 8.5% or better with $5000 in closing costs. The Inspection and Appraisal have already been done and paid for by me, so those will not be part of the closing costs. Here are some other costs to consider:

Condo fee ...................... $178.00
I am NOT going to escrow for taxes.
Attorney fee ................... $550.00 He will also do the closing for same fee
Title Insurance fee .......... $415.00

I'm looking to close on March 30th, and would need a loan commitment letter and rate lock letter by this FRIDAY, MARCH 16th. I know it's very short notice, but the commitment date on the sales contract is tommorow March 14th. I'll try to get the seller to extend the commitment date to friday. I have all the documention ready to fax or email immediately..... payslips, W2's, rent money order receipts , bank statements, Inspection report, Appraisal report.

Respond at len979@yahoo.com or on this thread.

Please no lowballers. Serious offers only.

Thanks,
Len

chow · Posted: Tue Mar 13, 2007 7:15 pm Post subject:

A bunch of excuses what not what Option One had VIA your broker. The sub prime market went toast last week.

You need some skin in the deal. Option One isn't doing any more loans for less than 10% down.

The days of the borrower dictating the terms of the mortgage a gone. :idea:

Those days left town last week when ever investor on wall street had to batton down the hatches.

Those who have the money make the rules.

Right now those with the money-want a clear 2 yr history of clean credit. FHA even requires a darn good excuse to go with less than 2 yrs after a BK and you have a foreclosure which automatically throws you into a 3 year waiting period depending on what type of loan it was, and all of the gory details.