• Hey Guest!
    British Car Forum has been supporting enthusiasts for over 25 years by providing a great place to share our love for British cars. You can support our efforts by upgrading your membership for less than the dues of most car clubs. There are some perks with a member upgrade!
    **Upgrade Now**
    (PS: Upgraded members don't see this banner, nor will you see the Google ads that appear on the site.)
Tips
Tips

Gotta love the mortgage mess

Share this page

sparkydave

sparkydave

Jedi Knight
Country flag
Offline
In an unfortunate series of events, I need to buy another house. Wife of not quite a year and I realized (after living with each other for 1.5 years) that we're really very different and going in different directions :frown: . We're parting on amicable terms, but some of the proceeds from my last house sale went toward starting her business (and a new LCD TV, and some Midget parts... :blush: ), so I don't have as much to put down as I would like. Found a nice house, got a home inspection, and all was looking good. Went to the bank, got pre-approved, but the appraisal wasn't as favorable as the bank would like, so they decided they need a bigger down payment I can't manage very easily. So, they are willing to do an FHA loan. Sounds all good, and the bank officer is confident that all will be fine. It's the waiting part that's driving me up the wall. Then I'm reading the news today, and happened on an article that says most of the recent foreclosures are on government assisted loans with little or no down. The payment is no problem for me, I've been with my company 11 years with only favorable reviews, and the credit score came back with an excellent rating. Ah well, the bank *should* be getting back to me tomorrow. Just stinks that the mortgage mess and declining property values are making it harder for anyone to get a loan. What's the joke about getting a loan? In order to get one, you must first prove you don't need one. :lol:
 
You're going through an "interesting" patch, for sure.

One thing about the mortgage mess - lots of lenders are being a heck of a lot more careful on giving out money. You know we've got troubles when you see someone interviewed about losing a home due to not being able to make the payments and foreclosure hits. Now she says she's heading out to buy a new SUV before the foreclosure shows up in her credit record.

"I want to be in America,
Okay for me in America,
everything's free in America,
for a small fee in America" (West Side Story, 1957)

Tom
 
I'll play Maria. :jester:
 
Clearly it hasn't spread to the unsecured credit market.
Just went through today's mail.
7 letters in total.

4 credit card offers.
1 offer for premium travellers insurance
2 bills.

'nuff said...
 
just went thru a refinance, they wanted so much info I was waiting for them to ask for a blood sample. My son-in -law, the real estate appraiser says FHA is at least 6 weeks behind, so be prepared to wait a while.
 
DrEntropy said:
I'll play Maria. :jester:
Click to expand...

Not if I'm playing Tony you won't ....

nw380.jpg
 
ccougill said:
just went thru a refinance, they wanted so much info I was waiting for them to ask for a blood sample. My son-in -law, the real estate appraiser says FHA is at least 6 weeks behind, so be prepared to wait a while.
Click to expand...

Hoo boy, I hope that's a rumor. My closing is supposed to be in 2 weeks! :eeek:
 
Good luck with your loan process -- buying a house is not something I'd like to have to do again any time soon. Lots of stresses involved, that's for sure.
 
Back
Top