I've been reading advice. I signed a puchase agreement, however, was not aware that the seller could pay most or all of the fees with the exception of those not allowed by FHA. I was not told this, and now in limbo waiting for my agent to find a solution to this. If I was not told at this or it was not disclosed by my agent , what grounds do I have at this point if the sellers do not agree to help with these fees?... more
Ask your lender for some direction. The settlement cost may have went down but the amount you are ask to bring went up because you negotiatied something like seller to pay 3% of sales price and not a fixed number. Some loan cost are percentgage of the loan amount and some are fixed. Just make sure that the lender knows your concern.... more
All of the response to your question so far are great, and they are correct. But the absolute key to everything is "Has there been any credit issues since you filed the Chap 13?" and "Did you make all of those monthly Chap 13 payments on time?"
If the answer is no to the first question and yes to the second... then you will be able to obtain home financing. And, you can get started now by obtaining a free, no obligation, prequalification http://www.peninsula-homes.com/request-assistance... more
We really don't have enough information to craft an informed response here, but I will say, I hate hearing stories like this.
While I will generally default to the mortgage professional for direct questions regarding the financing, real estate professionals today also need to be educated on the various loan products and how they can ultimately affect the transaction.
An experienced real estate agent in my opinion has to be well-versed and be knowledgable about the different loan products available, and how each will ultimately affect the transaction. Agents who are unresponsive and simply push all financing questions off to the mortgage broker blindly are doing their clients a major disservice. An agent's job is to get their clients THROUGH closing and manage the ENTIRE transaction. That means they have to know a little bit about everything - not just show you some houses, write a contract, and hand it all off to the mortgage broker/attorney, moving on to their next client...
Please provide some additional information surrounding the situation so we can more accurately advise you.... more