Home Buying in Tampa>Question Details

edandjen04, Home Buyer in Brea, CA

I signed a contract in April for new construction near Tampa. Mortgage was supposed to be through the builder co, however, after signing the contact

Asked by edandjen04, Brea, CA Mon Jun 24, 2013

they said it was denied due to unreimbursed business expenses taking too much of my income (I just claim a home office I use 100% of the time). So, now the house is going to be finished in 2 months and I have no one approving my loan because of this. I don't know whether I should ask to get out of the contract since they didn't pull their side by getting me the loan within 30 days, or if I should keep applying for mortgages everywhere. I know that hits my credit score. I was thinking about doing that and looking at a cheaper house. Definitely need some advice as this is bothering me all the time.

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My client just had this issue come up. Right now lenders do not like - I would even use the word Hate - unreimbursed business expenses. They always take the total amount off your adjusted gross income. My client was able to overcome this issue because his mortgage professional found additional income. Kevin Reeves confirmed through a verification of employment that my buyer had overtime and bonuses. Give Kevin Reeves a call 813-728-4992 or email kevin.uamonline@gmail.com - he fixed my buyer's issue and maybe he can find a way for you to get financing too.
1 vote Thank Flag Link Mon Jun 24, 2013
Feel free to give me a call we are the backup option for about seven builders locally and we won't need to pull your credit if you have a recent credit report that we can go off of just to have some analysis about your situation.

Not to minimalize the situation but before contacting an attorney let's look at your options and see what's there if its doable will get it done for you and I can have you an answer in less than 1 day from the bank. I am available right now to speak.

Feel free to call me at 813-802-5700

Scott Lynn
1 vote Thank Flag Link Mon Jun 24, 2013
How are you? This is very common with traditional lenders.. How much are you putting down towards the contract? BIG BANKS AND BUILDERS MORTGAGE CONTACTS often cannot close these loans.. You may be able to close with a wholesale mortgage source, community bank or even a private mortgage lender. Please "CALL ME" anytime to discuss 1-561-732-6376

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0 votes Thank Flag Link Sat Jul 13, 2013
Please give me a call on this. Your mortgage provider is critical at this point. I will not waste your time and I can give you clear concsise information. Reimburesed expenses can cause problems however a common sense approach from underwriting wil benefit you greatly. Give me a call it only takes a minute. I am still surprised sometimes that underwriters can't read tax returns. I am here to help
0 votes Thank Flag Link Thu Jul 11, 2013
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Like so many others, you seem to be one of the millions of victims of the anointed one's promise of "Hope and Change!"

The certain party's relentless fight against success and self employed Americans with the further implementation of the Dodd Frank Wall Street Reform Act (i.e. Death Star for borrowers, especially the Self Employed) is really becoming apparent as the market is rebounding...despite the efforts of some to hold America down!

You're only chance to take advantage of these current real estate prices, and its only while these programs last, is to look into the STATED INCOME ALT loan programs for Florida.



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0 votes Thank Flag Link Sun Jun 30, 2013
Jennifer, Agent, Tampa, FL

Did you check the contract you signed to find out if there is an opt-out clause if you cannot secure a mortgage?
0 votes Thank Flag Link Sun Jun 30, 2013
Contact me at Sanek@castledreamrealestate.com I have a lender you should talk to.
0 votes Thank Flag Link Sun Jun 30, 2013
Edandjen04, most likely the builder's lender uses a larger bank to underwrite their mortgage files. Double check on this matter. If yes then, check with a local community bank that can provide a portfolio loan. Check to determine if the lender can close the file if the developer is in control of the association.

Your problem is typical in the industry.

If your escrow money is at risk of being lost, then cancel the deal with the return of the funds. If not pursue, other lending sources.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com
0 votes Thank Flag Link Tue Jun 25, 2013
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I'm likely your best bet and I'm in Tampa too.

=
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See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.

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Pro Option Mortgage/ Florida
steve@pro-option.com
#204296

Prior Service U.S. Marine Corps
====
0 votes Thank Flag Link Tue Jun 25, 2013
I work with several builders in the Tampa area and unfortunately, you are not alone....I worked in Real Estate for 7 years (for a homebuilder) and I'm now a mortgage lender and see this quite often. Please feel free to give me a call or email me and I would be more than happy to discuss your situtation and answer any questions/concerns you may have.

I look forward to assiting in finding a solution for you.

Ashley Miller
813-777-8383
ashley.miller@fembi.com
0 votes Thank Flag Link Mon Jun 24, 2013
It is a good idea to look at the contract. You need to look at the provisions that deal with terminating the contract. You need to look at the contingencies in the contract. You need to look at the provisions regarding the obligations the builder has concerning the lending, to see if the builder has complied. There is so much more to look at and consider. You should talk to the builder about this to see if you can agree upon a resolution without resorting to attorney and even litigation.

Mark J. Albrechta
Attorney-at-Law
malbrech@verizon.net
813-265-4036
0 votes Thank Flag Link Mon Jun 24, 2013
Hi and thank you. I am not sure about all of the areas on the contract, however, I do know that the contract says that I would be required to obtain an approval from the builders financing within 30 days of the contract being signed, which passed a long time ago. I requested a denial letter, however, they informed me that they sent my application to another lender (who I later found out never even put it through). I continue to get the runaround and at this point, just want to know either way whether it can be done or not, or if I need to move on. Thanks very much!!!
Flag Mon Jun 24, 2013
I'm an expert on helping Client like you, I get turn downs from BoA, Wells, builders, etc. I'm a mortgage broker and have over 20 different lender with guidelines that might fit your needs and characteristics.
Please feel free to contact me, I have been in the Mortgage business for 11 years and on the financial Field for 25.
My email address is luis@dhmloans.net

Respectfully.

Luis Torres
0 votes Thank Flag Link Mon Jun 24, 2013
I agree with Danielle about contacting an attorney, as they know the legalities of everything. However, just to calm your nerves a bit since you cannot exactly call them up right now, most contracts that are signed allow you out of it if the reason that the sale cannot go through is beyond your control. I would take a look at the contract you signed and see if there is a clause in there that specifies anything about that.

Please feel free to call me if you would like to ask more questions. 813-992-1217.

Thanks and I hope you get everything figured out.

Marie Barakat
Coldwell Banker Residential
0 votes Thank Flag Link Mon Jun 24, 2013
You should probably consult a real estate attorney first & talk to a couple mortgage professionals. Get a copy of your credit report & file from the builders lender. They have to release it - that is your information.
0 votes Thank Flag Link Mon Jun 24, 2013
Yes, interestingly they informed me that they transferred the loan to another lender so they didn't have to give me a denial letter. I thought that sounded strange, especially since the "other" lender never put my application through.
Flag Mon Jun 24, 2013
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