misidawnrn Posted May 3, 2011 Share Posted May 3, 2011 Today we got a call from our mortgage lady...she had us slated for a Rural Development loan since our new house is out of town...great! The closing costs and down payment are rolled into the loan. Good now..pay later kind of thing. We are all set to close on the 20th of May, we sign final acceptance papers tomorrow since the sellers fixed what we wanted fixed. Well, since we already own a house we don't qualify for the RD loan, we have to go FHA. So now we have to have almost $9000 for the down payment:scared: We have the money (barely!) but geeze o pete thanks for springing that on us! We only have the money because DH is a farmer and just got the money from selling wheat. We normally live on that money. I am hoping and praying that I don't have to go back to work full time now. The only good thing is that our mortgage will be lower. And...today is our anniversary....some present! Anyone have any reliable coupon sites? I have been trying to clip coupons for a while but obviously we need more! Quote Link to comment Share on other sites More sharing options...
KnitWit Posted May 3, 2011 Share Posted May 3, 2011 :grouphug: That's tough! I'm sorry it played out this way. :grouphug: Hope all goes smoothly after this. I cannot answer your coupon question. Quote Link to comment Share on other sites More sharing options...
gaillardia Posted May 3, 2011 Share Posted May 3, 2011 Wow. What a horrible surprise. Happy Anniversary though! I don't care for those kinds of surprises either.:glare: :grouphug: Quote Link to comment Share on other sites More sharing options...
Liz CA Posted May 3, 2011 Share Posted May 3, 2011 How long will it take to build up savings again? If you know things will be moving in the month to come, it may be okay. It's scary to have to plunk down the last dime...but if the mortgage is lower, that is a long-term thing. Would parents help out if something came up before you can rebuild savings? Quote Link to comment Share on other sites More sharing options...
.... Posted May 3, 2011 Share Posted May 3, 2011 Oh, no! We're supposed to close on our house next week and they really wait until the last minute to tell you things, don't they? We're also going the FHA route. They wanted us to have a huge savings to qualify because we own rental property. :glare: Quote Link to comment Share on other sites More sharing options...
.... Posted May 3, 2011 Share Posted May 3, 2011 That's crazy. We bought our first house a year ago and it was the most stressful situation in my life because nobody seems to know what the heck is going on. And that's kind of hard to believe since these people supposedly do this everyday! We've done this 3 x now and it makes us an absolute nervous wreck every time. It takes us a long time to recover. We close next week (supposedly) and I haven't even packed. You just never know what's going to happen. :glare: Quote Link to comment Share on other sites More sharing options...
Brigitte Posted May 3, 2011 Share Posted May 3, 2011 I think I would be causing a big stink right now. She should have known you would not qualify based on that. I would take a very close look at the fees they are charging you. Quote Link to comment Share on other sites More sharing options...
elegantlion Posted May 3, 2011 Share Posted May 3, 2011 That's crazy. We bought our first house a year ago and it was the most stressful situation in my life because nobody seems to know what the heck is going on. And that's kind of hard to believe since these people supposedly do this everyday! I've been through a host of bad situations in my life, including cancer, a divorce, and having a huge amount of money stolen from our business. Never in my life have I been so stressed as the few times we've purchased a house. We went through one situation when I swear the loan company saw exactly what was in our savings, and then demanded that much more to make our loan work. I would be livid and knocking down the door of where ever to get some answers. A simple thing such as already owning a house should have been dealt with up front. There should be no games. Honestly, I'd proceed with caution. After our experiences, I would never give away all of our money in order to move. I'd tell them they messed up and to kiss off. Quote Link to comment Share on other sites More sharing options...
Lawana Posted May 3, 2011 Share Posted May 3, 2011 I feel your pain. We are in the middle of trying to get a conventional mortgage, and having major headaches. Despite the fact that we are putting 20% down, have no debt, and the loan amount is less than one year of dh's salary (at a job he's held for 20 years), 2 niggling items on the credit report may prove to be a complete show stopper. 1 of them is a $42 charge where the originating company does not have record of the account number, so even if we wanted to pay money we don't think we owe, there is no account to credit it to, and it can't be resolved. They also refuse to write to the credit agencies to clear the issues because there is no "procedure" to do so. Dh as well as the mortgage broker have spent hours on the phone with this company, talking to numerous supervisors, etc., and there just doesn't seem to be any solution because they don't have a procedure. Oh, and we have an ongoing relationship with this company to the tune of $2500 per year. I guess that will be changing.:001_huh::boxing_smiley::confused1::smash::cursing::banghead: Quote Link to comment Share on other sites More sharing options...
Robin's Song Posted May 3, 2011 Share Posted May 3, 2011 (edited) I would really stop and evaluate instead of staying on this freight train...just get off for a day or two and reevaluate. It is easy to bite off more than you can chew when you're already emotionally invested in the process. Edited May 3, 2011 by Robin's Song Quote Link to comment Share on other sites More sharing options...
AuntieM Posted May 3, 2011 Share Posted May 3, 2011 I've been through a host of bad situations in my life, including cancer, a divorce, and having a huge amount of money stolen from our business. Never in my life have I been so stressed as the few times we've purchased a house. We went through one situation when I swear the loan company saw exactly what was in our savings, and then demanded that much more to make our loan work. I would be livid and knocking down the door of where ever to get some answers. A simple thing such as already owning a house should have been dealt with up front. There should be no games. Honestly, I'd proceed with caution. After our experiences, I would never give away all of our money in order to move. I'd tell them they messed up and to kiss off. I would not let your reaction be so strong that the sale falls through, but boy would I be rattling my sabre at both my real estate agent and the loan officer. Unless you knowingly withheld information about your circumstances, it's up to them to try to work through this mistake. I would be going over my itemized statement of estimated closing costs - in which those fees are described right down to the nickel - and having a heated discussion about which ones need to be taken care of by someone else to make this deal come to fruition. That agent of yours may need to chip in a bit from her commission earnings, that loan officer may need to figure out which fees to waive. It is waaaaay too late in the game to drop a bomb this size on you. You and your dh need to call and ask for a meeting with all three of you present (yourselves, RE agent, loan officer). You may even want to go to the seller to consider asking for some contribution to the closing costs; many sellers wouldn't consider it, but in this buyer's market you might be surprised what one might do just to keep a fair contract in place through closing. Worst case scenario, you will be eating peanut butter, beans and rice for a few months, but once you're over the hump, it sounds like you will have a some extra monthly cash to toss a steak on the grill every now and then. :001_smile: Quote Link to comment Share on other sites More sharing options...
Robin's Song Posted May 3, 2011 Share Posted May 3, 2011 I would not let your reaction be so strong that the sale falls through, but boy would I be rattling my sabre at both my real estate agent and the loan officer. Unless you knowingly withheld information about your circumstances, it's up to them to try to work through this mistake. I would be going over my itemized statement of estimated closing costs - in which those fees are described right down to the nickel - and having a heated discussion about which ones need to be taken care of by someone else to make this deal come to fruition. That agent of yours may need to chip in a bit from her commission earnings, that loan officer may need to figure out which fees to waive. It is waaaaay too late in the game to drop a bomb this size on you. You and your dh need to call and ask for a meeting with all three of you present (yourselves, RE agent, loan officer). You may even want to go to the seller to consider asking for some contribution to the closing costs; many sellers wouldn't consider it, but in this buyer's market you might be surprised what one might do just to keep a fair contract in place through closing. Worst case scenario, you will be eating peanut butter, beans and rice for a few months, but once you're over the hump, it sounds like you will have a some extra monthly cash to toss a steak on the grill every now and then. :001_smile: For an FHA loan, they have to come up with their own down payment. The seller can not contribute (unless things have changed, but I don't think so). Quote Link to comment Share on other sites More sharing options...
AuntieM Posted May 3, 2011 Share Posted May 3, 2011 For an FHA loan' date=' they have to come up with their own down payment. The seller can not contribute (unless things have changed, but I don't think so).[/quote'] Yes, but the down payment is only one part of the total package of closing costs. I'm thinking it would help to get some of those other fees covered in another way. Loan origination points, title fees, etc, etc.... It may not amount to a whole lot, but seeing that I can feed my family on $30 a day, I would see how many days of meals I could get someone else to pay for, kwim? Quote Link to comment Share on other sites More sharing options...
misidawnrn Posted May 3, 2011 Author Share Posted May 3, 2011 It will all be OK, a night's sleep does one good. We will still be OK financially. It wasn't the only money we had in the bank but just not a spare $9K laying around either. DH also works as a mechanic and builds race car engines...and it's racing season here so he will be busy. Also, it's almost summer, people want vacations, I can easily pick up a day here or there. We will have to probably cut back on some groceries, eat more of the stuff in the freezer etc but we will make it work. We have looked long and hard for 2 years for a house/land/shop that fits all of our needs and this house does so we aren't willing to let it go that easy. Thanks for all the words of advice. We do meet with the mortgage lady today and I will be complaining! We also sign final acceptance offer today and that is exciting! Quote Link to comment Share on other sites More sharing options...
Robin's Song Posted May 3, 2011 Share Posted May 3, 2011 Yes, but the down payment is only one part of the total package of closing costs. I'm thinking it would help to get some of those other fees covered in another way. Loan origination points, title fees, etc, etc.... It may not amount to a whole lot, but seeing that I can feed my family on $30 a day, I would see how many days of meals I could get someone else to pay for, kwim? She said the 9k was for the down payment, though. :) (Yikes, that sounds argumentative. I need some more smilies :D:):tongue_smilie:) It will all be OK, a night's sleep does one good. We will still be OK financially. It wasn't the only money we had in the bank but just not a spare $9K laying around either. DH also works as a mechanic and builds race car engines...and it's racing season here so he will be busy. Also, it's almost summer, people want vacations, I can easily pick up a day here or there. We will have to probably cut back on some groceries, eat more of the stuff in the freezer etc but we will make it work. We have looked long and hard for 2 years for a house/land/shop that fits all of our needs and this house does so we aren't willing to let it go that easy. Thanks for all the words of advice. We do meet with the mortgage lady today and I will be complaining! We also sign final acceptance offer today and that is exciting! Congrats :) Quote Link to comment Share on other sites More sharing options...
Princess Peach Posted May 3, 2011 Share Posted May 3, 2011 You have a great attitude! I hope you get some answers, though. You are entitled to an explanation, at least. The day before we were closing on our last home (we were the seller), we were told we needed to bring close to $5000 to the closing. We thought we were breaking even on the sale so this was a complete surprise and unlike you, we did. not. have. the. money. :svengo: I was able to get an advance on our credit card and brought the bank check to the closing. Another time, we were closing on the sale of our home and the purchase of a new home the same day. The night before the closings, everything fell through - both sides! Our entire home was in boxes packed and ready to go. My DH was on his way to our home with the moving van when we got the call. Everything ended up working out a few weeks later, but talk about stress!! Anyway, I know how crazy this all can get and I hope everything works smoothly for you from here on out. :grouphug: Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.