Asked by John Kagey, Stephens City, VA • Tue Sep 30, 2008
May 11th 2008 I put a contract for a new Ryland Home. I signed a Sales Agreement and gave them $2000. On the Sales Agreement it stated I had 3 days to change my mind, 7 Days to apply for financing and 30 days to obtain financing through an approved lender.
Well I applied with Ryland Mortgage. It is now Sept. 30 and I still do not have approval from them. I am less than 30 days from closing and they are about 2 weeks from finishing the house. I still do NOT have financing. I applied with Ryland Mortgage for a VA Loan, the issue unbeknown to me is that my current home was already a VA loan. Ryland didn't catch this until about 2 weeks ago. Now they want me to refi my current home into a FHA, well I have been denied that FHA Refi loan. I have had my house on the market since May. No contingencies on the sale of the home. Received an email from Ryland saying they could pursue all loses. Why would they break ground with out a commitment from the lender? Lawyer in process.
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