Skip to main content

In contract closing on a house - what happens if loan is denied before closing?

My fiancé and I are currently closing on a home. We were preapproved with some concern about how much I earn but was resolved and his pay was golden from the beginning. We finally found a house and now I’m just stressed they will deny us because of my lack of pay surrounding Covid. It’s improved some since pre-approval but not as much as I wanted. Everything I’ve been reading online has just increased my anxiety about it.

Anyways, I’m just curious if the loan is denied what happens to the house we are in contract with? Is there a way to save the deal? And would getting a co-signer save the deal?

I’m just unfamiliar with how this all works as a first time home buyer. Everything I’ve read online so far hasn’t helped me figure out what would happen.

I know this isn’t looked upon well but his dad will co-sign for us if need be. Basically if for some reason we can’t pay, his dad wants the house as a flipper/ rental property so it works out for him too. We would have him removed from loan once things are back to normal or keep him until we resell a few years down the road after flipping it if we decide to not stay there.

We are both super stressed navigating through purchasing our first home and I’m hoping I can get some reassurance or options if things go sour.

submitted by /u/meep332113
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/hzprsd/in_contract_closing_on_a_house_what_happens_if/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more