Home Buying in 78613>Question Details

Ceilie24, Home Buyer in Cedar Park, TX

How can a builders mortgage company get you approved for a higher mortgage amount as opposed to going with a conventional bank or fha?

Asked by Ceilie24, Cedar Park, TX Thu Oct 18, 2012

My husband and I are looking to purchase a home no later than May, 2013. We're lease a home which expires 07/31/2013 and want to stay in the same school district.

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Sometimes the builder also owns the financing company.
0 votes Thank Flag Link Fri Oct 19, 2012
If all things are equal the builders lender can't do much more, if any more, than any other lender. All lenders have some flexibility and leeway in what they offer. One might say you are qualified to borrow $200,000 and another might say $210,000, but you should not get $200k from one and $350k from another. That would be too much leeway. If the builder pays points they can qualify you for more loan, but the builder could pay points on any other loan and get the same deal. So bottom line is the builders lender can't do much different than many other lenders could offer, as long as everything is equal.
0 votes Thank Flag Link Thu Oct 18, 2012
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