Home Buying in 55422>Question Details

crystlwhtny25, Home Buyer in Florissant, MO

Can I switch lenders she is acting if she is the only person that can do a 203k combined with down payment assistance.?

Asked by crystlwhtny25, Florissant, MO Tue Oct 23, 2012

Haven't did an appraisal yet just want out before I choke her

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6
Susan Hofflander’s answer
Hi, crystlwhtny25!
Oh, good grief, yes, GET OUT!!!! If you have done nothing that's cost you any money so far, go, run in the opposite direction!!! It's never worth it to stick with somebody that bothers you that much. This transaction is too important and you need to build your team with people who you KNOW are in your corner. If you don't want to even TALK to that person, it's hard to do all of the things you have to do to buy your house. Same goes for your agent.

And, this should be a joyful experience!!! Discord like that only spoils it~
Good luck!
0 votes Thank Flag Link Wed Oct 24, 2012
Think this through. You may be feeling irritated or annoyed by the lending process, the questions, the specific data requested. You may think it is ridiculous that what appears to be the same information you already provided is asked for again - maybe in a different format or from a different source. That is the way of today's lending world and not the fault of your realtor or your lender representative. This is definitely not a do it yourself item and it does take quite long, sometimes the house itself is the slow-down. You have a realtor, presumably, you have an accepted purchase agreement. Now you have to find your way with the help of your lender through the maze and to your goal of homeownership, a goal made more possible by the combined loans your representative will get for you. Liz 612-986-4105

PS I will apologize for Trulia. Here in MN we are often confused with Michigan and Missouri So far I don't think Montana gets as much confusion with these two M states. The 203 is an FHA product and regardless of states, the rules are the same!
0 votes Thank Flag Link Tue Oct 23, 2012
Short answer is yes, but if you already have a signed PA it may be prudent to stick this one out.

203k's plus DP assistance are challenging and take a very long time to close. If you have to start all over from scratch with a new lender there could be delays trying to meet your closing deadline. I do not know if this is true or not, but it is just something to think about.

Good Luck!

~chris
0 votes Thank Flag Link Tue Oct 23, 2012
It sounds like you haven't incurred any costs yet if you haven't had an appraisal done. I would shop around for another lender if you are that unhappy with your current one. There are many lenders that have the ability to do a 203k and they should all be familiar with down payment assistance programs. If you would like to contact me, I can refer you to a couple that I work with.
0 votes Thank Flag Link Tue Oct 23, 2012
Sounds like you are very frustrated with your lender, I know how that could be. I think you should voice your frustrations to them and let them know you are strongly considering switching to a different lender. You are not necessarily obligated to continue with them however there may have already been some costs incurred that you may be responsible for. This may also delay a closing as the new lender would have to start from scratch. If you are working with an agent have them get involved to smooth things out.

Good luck and hope it all works out.
0 votes Thank Flag Link Tue Oct 23, 2012
crystlwhtny25,

There is no harm in shopping around, but your ability to change may depend on what you have signed and any money that you have spent. What are the issues you are facing that causes you to want to strangle your LO?

Cameron Piper
Coldwell Banker Burnet
licensed MN Real Estate Broker
Web Reference: http://www.CamPiper.com
0 votes Thank Flag Link Tue Oct 23, 2012
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