Home Buying in 23434>Question Details

taylorbrian50, Home Buyer in 23434

pre=approved then weeks later they say my i/d ration is high?????????????????????????????

Asked by taylorbrian50, 23434 Wed Jun 6, 2012

i got pre-approved and put money down and went thru the bid contract with the back and forth bs. then my realtor sets up my home inspection.. then she calls day later before the inspection and said the lender want to talk to me and canceled the inspection. he said because i was wanting a modular home on a permanat foundation that the down payment would be 10% down instead of 3.5%then he calls back later and says that my income to debt ratio was a little high and i need to refinance bot of my vehicles to get my income to debt ration down to 45% when it is onlt at 53% now...the lender is telling me to do this and do that. iam over it and tired of his bs.. why pre approve me and tell me to go find a home then come up with the bs weeks later about my income to debt ratio...now they saying we have 7 days (3) left to get the inspection done and i need to basically hurry up and get 250$ knocked off my income to debt ratio....iam out of ideas

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4
Elliott R. Oliva’s answer
Unfortunately you are dealing with a loan officer that seems to be a bit incompetent/inexperienced. He/she is apparently not qualified enough to perform some simple math to determine what your debt ratios were well before you were pre-approved.

It's sad to say but there are a lot of lenders out there that will haphazardly issue a pre-approval letter without completing any due diligence. They let you the client spend money on earnest money deposits, inspections and appraisals without having a clue if you will even qualify. Happens every day.

I am sorry to hear that you have to deal with such frustrations but I hope you will eventually accomplish your goal of becoming a home-owner. In the meantime you need to familiarize yourself with a proper Pre-Approval. Take a minute to read this: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr…

For questions or concerns please contact me at your convenience. Thank you and best wishes!

Elliott R. Oliva
Mortgage Banker
0 votes Thank Flag Link Thu Jun 7, 2012
no rob im nnot ok with the way its turning out....and every suggestion i come up with he trows it back at me like its my faught.....i have not patience for pencil pushers and im done with it...my concern is my deposit on the contract i have that we did before all the bs came up
0 votes Thank Flag Link Wed Jun 6, 2012
Taylorbrian50,

I'm with you. I'd be a little ticked about all of it. In your shoes, I would step back reconsider everything and then go ahead when you're ready. There is an old saying, "No matter how far you've gone down the wrong road, turn back." Sounds like you're not OK with the road you're on.

Best of luck and let me know if I can help.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Wed Jun 6, 2012
You either have to pay off some debt (therefore reducing your debt to income ratio) or as you stated, refinance some of your debt so that the monthly payments go down. You lender should offer to meet with you and give you some advice about this. Unfortunately, sometimes during the buying process, you credit can change and the loan guidelines can too which causes these types of problems. It sounds to me like you need to back up for a moment and work on reducing your debt and then make a home purchase. I would be happy to talk with you and see if I can offer any advice. Give me a call tomorrow.

Tina Beasley
Associate Broker
Envision Real Estate, LC
804-972-9927
0 votes Thank Flag Link Wed Jun 6, 2012
and refinancing dont happen over night and the only time i can get to the bank to do that is saturday and that the last day i have to get the inspection done.. im feeling pressured and i think they moving to fast... what would happen if i dont get all there screw ups done in their time frame?
Flag Wed Jun 6, 2012
he said because it was a modular home they require a 10% down payment.. my bank said that sounds shady..and why didnt he tell me all of this 3 weeks ago instead of giving me a closing date and telling me this got to be done before this date and you got so many days to get this done... i work 60+ hours a week and i dont have time to go do anything that has to be done between 8-6pm and he dont want me to touch the money in my account for the down payment to pay the on bill off that would set me right
Flag Wed Jun 6, 2012
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