Asked by Maximus, 77469 • Sat Jun 6, 2009
The first year was 1900, 2nd 2100, and 3rd year through 30 2398. When it came time to meet with the lender they advised that we could not do the buy down program and had to put 12,100 down and mortgage would be 2398 fixed for 30 years.
Obviously now we can't afford that payment. The townhome is under construction and we will not close for another month. We were approaved for a loan in January and of course it expired.
I contacted the seller and advised that since the numbers changed that were under contract we can't go forward. We also put 2k down in earnest money and 3 towards closing in march.
The seller has now advised they are not sure if they can give us the 5k back.
What are my options?
The purchase contract specifically says purchase with 8k down. The buy down program was verbal but the seller acknowledges they made a mistake with the numbers.
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