Skip to main content

In a bit of a bind with financing

In 2009 I used a va loan to buy a house with the intention of selling it when I got out of the military 4 years after buying it. I decided to do this because the real estate agent I worked with guaranteed there would be no issues selling my house when it came time. When it came time to sell it was put on the market and the market was so bad I couldn't sell it. I ended up having to do a deed in lieu in 2013.

Fast forward to this year and I was working with my lender and got pre approved for a va loan recently. I went under contract for a new construction home. I was going to take advantage of it being a va loan and not put anything down. Throughout the process and before I ever signed anything with the builder I spoke to my lender and asked if everything was good and I was told there were no issues and we just needed to wait until closing. So I moved forward with the builder and signed the paperwork.

Now today my lender is telling me that after further investigation it turns out I need to put about $38k down because of the loan from 2009 using my entitlement. I don't have $38k laying around for a down payment on top of the inspections and closing costs and the house is due to be finished in November-December this year. I don't see it being feasible for me to accumulate that amount of money before then. Is there anything I can really do before walking away and losing my deposit with the builder?

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

source https://www.reddit.com/r/RealEstate/comments/mg3e5u/in_a_bit_of_a_bind_with_financing/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more