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

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more