We are having a home built by taylor morrison which we were prequalified for, everything seemed to be fine for the 4 months our home was being built

Asked by Shane Mcgregor, Corte Sierra, Avondale, AZ Thu Nov 1, 2012

now that the house is done they called and said we don't qualify for the house and need to bring our credit score up 20 points, they told my fiancee to put his name on someone else's credit cards to up bring up the score but it doesn't seem to be doing anything, i feel like we are getting ripped off. anyone know if this is normal or what we can do to make sure we get the house?

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Jennie Miller…, Agent, Phoenix, AZ
Sat Nov 3, 2012
I have several credit repair specialists that you can contact if you want to have someone take a look at this. Please contact me through my profile and I can send you the details.
1 vote
Ellysown, Home Buyer, Willoughby, OH
Sat Apr 2, 2016
You are getting ripped off, they are the worst. I wish we never signed up with them.
0 votes
Sharon G, , Lake Forest, CA
Mon Dec 10, 2012
This is like reading a primer for 'before the crash; the 20,000 ways to get an unqualified buyer into a home! WHAT IS WRONG with this picture? Realtors and loan officers, the same ones who created the worthless paper that started the first crash, are doing it again. And we are LISTENING? The message is simple: if you do not qualify, of course, try another lender, but do NOT start 'credit repairs' and sharing credit as solutions. Just WAIT. This is criminal intent, if not criminal action. More importantly, when will someone be honest and tell the lovely people interested in buying homes that the realtors and loan officers are NOT their friends and not the ones who will do what is the most 'right', long haul. They will do what SELLS a home....or makes a loan and puts money on their plate.
STOP this insanity....the revival will be another mega crash....not too long down the road. I need to stop writing and put my passion in check....but please, buyers, let logic and good conscience drive your future...not your pride, ego, 'plan' or input from those trying to make a buck off you. Kudos to Taylor Morrison! (They are trying to build sustainable family communities!_
0 votes
Shane Mcgreg…, Home Buyer, Corte Sierra, Avondale, AZ
Sat Nov 3, 2012
thanks for all the input, The reason we aren't using our own lender is because if we did we would have to come up with the closing cost, so i guess we either have to wait it out or figure out a way to come up with the closing.
0 votes
Bill Parker,…, , Scottsdale, AZ
Thu Nov 1, 2012
Hi Shane:

Interesting situation.

I don't deal with too many builder's lenders, fortunately, as they tend to be aligned with their builder clients vs the borrowers they should be representing (the builder represents an ongoing stream of income vs. the borrower's one-time pop--guess who they align with...). The last one I dealt with turned down my client due to home prices rising $80,000 from start to finish (back in the "crazy" times) and the builder wanted to sell the home to someone new, at the increased price.Fortunately, I was able to get the borrower approved and they got the home at the original price...

First off, what someone suggested you do, attaching your fiancee's name to another person's credit, is unethical (being nice) and a targeted practice which lenders defend against, so no wonder it did not help.

What to do? It sounds like you were on the edge of being qualified, since they are indicating a mere 20 point increase will get you qualified. There are a number of ways to get a score up 20 points--pay down any revolving accounts which have too high of a balance vs credit limit; if you don't have enough credit, take out a very low balance credit card and make timely payments on it, etc.

Bottom line--get together with an unbiased mortgage loan originator and see what they can do to qualify you for the mortgage loan you need. It may turn out to not be the loan you hoped to have, but it could get you into the house you want, then down the road, once things are straightened out, you get into the loan you deserve.

Good luck.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage, Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496; (M) 602-565-3646; (F) TBD
EM: Bill.Parker@GenCorMortgage.com
Website: http://www.GenCorMortgage.com
LinkedIn: http://www.linkedin.com/in/billparkercpa

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
0 votes
Loren Hoboy, Agent, Phoenix, AZ
Thu Nov 1, 2012
I would not follow this advice from a builder or realtor. They are not qualified to provide lending advice and it is not legal or appropriate. Call me and I will refer you to a good lender, Roswell Moore Sun West Mortgage (480) 422-5095 to help get you a rush loan. He works with borrowers down to a FICO score of 580, so can probably help .

For anyone else reading this , be sure to use your own Buyer's agent when dealing with a builder's listing agent to represent you and find your own lender to compare prices and avoid these problems.

Loren Hoboy-Realtor
Your Local Expert
Central AZ Real Estate
0 votes
Dina Benoit, Agent, Glendale, AZ
Thu Nov 1, 2012
VERY unfortunate!!! they should have told you something prior to now! If they can't finance you, then you do have the right to go thru another lender---get a 2nd opinion atleast---lots of lenders can perform when builders lenders cant!
0 votes
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