Can a builder force me to refinance?
by eyewashdesign: A. Golden Mortgage Payment Calculator. Why Stated Income Mortgage and Mortgage Term Life Insurance Are Lifesavers Article by bessie wallace More informaiton please visit here… Find More Stated Income Mortgage Loans Articles Question by bonzai12: Can a builder force me to refinance? I signed a contract to build a house, advice this is a no contingency contract. The builder has an in house mortgage company and they were going to finance the new home. I have a truth in lending statement from them but here lies the problem. This home was going to be a VA Loan however; my current home is a VA Loan and I am not able to have 2 VA Loans. My existing home has been on the market just a few weeks after the sales agreement was signed, but it hasn’t sold. The builder is now saying I need to refinance out of my existing VA Loan and get a FHA Loan so I can release the VA eligibility and apply it to the new home. They discovered I had an existing VA Loan 2 weeks ago. The closing is in 3 weeks. The home is 95% finished. They are saying since this is a no contingency agreement I need to do everything I can to close this house. I am not even worried about the earnest money, I just don’t any litigation to come out of this. Also, I don’t have a whole lot of equity in my existing home for the refinance. I am in talks with a lawyer know. This isn’t about buyers remorse, it is about not being able to get financing. One more thing, how can a company build a house without a commitment letter from a mortgage lender? Thanks for any help. Best answer: Answer by DonSeveral people made mistakes here. First the builder, knowing you were using a VA loan should have asked about your existing house loan. Unfortunately with lending being tight right now you will probably have a hard time refinancing your existing home especially if they know you are building a second and this will not be your primary residence. I am thinking that it looks like you will loose your earnest money and have to stay where you are for the time being. You should not have any legal ramifications since that is what loosing the earnest money is for. Sorry about your predicament. Know better? Leave your own answer in the...
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Verify out these chateau images: Château sur orage Image by jfgornet Château de la Bussière (Loiret) A lot more great houses click right here… Question by PhoenixJim: What lenders do an FHA mortgage with less than 3 years foreclosure seasoning given extenuating circumstances? The HUD handbook says it can be done, information pills but every lender I have talked to says they have never seen it done. Also, sick please don’t reply back with a rude remark about how people with a foreclosure never deserve to buy again, etc. Best answer: Answer by loanmasteroneAs I understand your question is you had a foreclosure about 3 years ago and now want to purchase a new home underwritten by FHA mortgage. All the mortgage brokers so far are telling you this is not done, yet the HUD handbook say it can be done. You need to find a mortgage broker that do FHA loans that understand the nuances of doing a FHA backed mortgage loan with a previous foreclosure or call a local HUD office to get an interpretation of the HUD pamphlet or a list of local mortgage loan officers that understand the meaning of the pamphlet. Normally, after 3 years and with a strong letter of explanation as to why you had a foreclosure, you could apply for a mortgage loan. Of course with the pamphlet indicating you might apply, you- must still qualify with the proper credit scores, rebuilt credit and a minimum of three credit trade lines on your credit report. You should make sure you meet the minimum qualifications prior to applying for a mortgage loan. I hope this has been of some benefit to you, good luck. “FIGHT ON” Add your own answer in the comments! AUSTRALIAN DEMOCRATS : How Many Low Doc Loans Are Unethical? – 24/08 … "The evidence put before the Senate inquiry by Denise Brailey of the Banking and Finance Consumers Support Association is damning. She asserts widespread fraud in low-doc and no-doc loan applications render them misleading and unconscionable. If you would like more informaiton please visit here… RBA exposes low-doc loans risk The Sydney conference was also told there may be a case for greater use of hard limits on lending. Low-doc loans and "no-doc" loans involve lenders requiring little or no evidence of a borrower's ability to make repayments, pharm and generally carry higher … If you would like more informaiton please visit here… ASIC says no to low-doc loan inquiry THE corporate regulator has refused to investigate a claim of alleged low-doc loan fraud despite one of the nation's top forensic handwriting experts saying there is "no evidence" the documents in question are legitimate. Businessman Gary White applied … If you would like more informaiton please visit here… Question by Anon Speaker: FHA mortgage loans & limits? We are looking into buying a new house in the mid-$ 400k’s before we sell our current home, viagra buy but this means that we would need a larger loan and that we would have less cash available up front for closing costs and downpayment. Buying before we sell our home means that after all the closing costs, story we would only have 3.5% – 4.5% as a down payment. I don’t want to give my state/city-county because that is too much personal information for a Q&A site, but I already checked and the HUD website’s FHA loan limits in the area where we would buy the new house are: FHA Forward $ 271,050 ($ 280,000) —AND— Fannie/Freddie $ 417,000. Depending on the offer that is accepted, we’d need to...
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