Agent2Agent in Norman>Question Details

UB Home Team, Real Estate Pro in Oklahoma City, OK

I received a call from a Lender today, stating all Cleveland County Bond Program loans are being delayed/postponed, or on-hold, AND for an unknown...

Asked by UB Home Team, Oklahoma City, OK Wed Apr 27, 2011

Time period. It was stated as ANY/ALL FILES, regardless of the current “progress” of the contract and/or loan. It was not stated as “all future loans”, or “he/she is the last one.” The Lender did say they (Cleveland County program) are working on some things/concerns with the Buyer/Servicer of these Loans (mentioned US Bank), and have been since the first week in April. W-T-Heck!?!?!?

We have approximately 2 weeks to close. My FIRST TIME Buyer chose this program, over OHFA’s, mainly because of a better interest rate, (0.6% /- adds-up ya’ll!). She is “over-qualified” for Norman’s program… already tried that one. How can we “play” with a first time Buyer like this, call the Buyer back, and then stress the remaining option(s) as 5.5% or 3.5% down with the going FHA rate… oh... and you got two weeks??

Not to mention, I have a couple “Seller Sides” with the same program “in play”. Anyone have insight?

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Answers

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Hi Chris:

I hadn't heard this before now, what a mess! A few weeks ago I had a buyer interested in the Cleveland County Bond money, but I couldn’t get information from anybody about the current situation. I kept getting handed off to different people and NO ONE had any information. I was spinning my wheels and had to tell the buyer that I was sorry and they'd have to try and look into themselves and see if they have better luck. Hearing your fiasco, it puts light into my recent experience. Wish I had a suggestion for you but don't...other than Good Luck!
0 votes Thank Flag Link Sun May 1, 2011
If the loan was disclosed after 4/1 (or at the latest 4/6), then a bond loan won't be able to help you. This has nothing to do with the house or your borrower's qualifications and everything to do with the LO Comp changes that went in effect this month. As for other solutions, have the borrowers or borrower's living or deceased spouse ever served in the military? Do they have any Indian citizenship? Do they have 3.5% down payment? 5% down payment? If so, they could possibly use a VA, section 184, FHA, or conventional loan respectively. I hope this helps and let me know if I can help your borrower. Thanks!
0 votes Thank Flag Link Thu Apr 28, 2011
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