getting a loan

lewisclan · Post by **lewisclan** » September 14th, 2009, 12:13 pm

This is a real Fricken deal for us! We have been working with the loan officer since May of this year. 1st we get pre qualified & get approved on a loan to buy a rental house, the last day of the 30 day escrow Eric the load officer calls us and tells us bad news the loan fell through.......
Turns out his company won’t loan to homes on dirt roads...........

Another pre -qual & approval

2nd appraisal another $350 this new company needs to have about $10,000 worth of repairs to the dwelling before its meets its minimum standards to qualify for a loan We get the papers signed from the owner to enter the house about 1 month later ....... we complete the required repairs & Another appraisal.
Great now we are moving forward.

Now they tell us we need to have 80% of the loan amount in liquid assets to qualify. WTF

Not in those exact words but that is what it works out to. Now Eric tells me maybe a hard money loan is what I need .........after working with us for like almost 4 months.( he does not do hard money loans) As he knows if it falls out of escrow all the repairs are awarded to the owner at no cost.

So I write him back and tell him that another loan is not an option and that I have the liquid assets to satisfy the loan requirements , but what the F about the pre qualify we where pre approved for this loan 2 months ago with out all these Liquid assets .......
We have the down payment & closing costs which are 30% of the cost of the house not even considering the 10K we just dropped on repairs. It seems like every week they are adding some other requirement to our loan that we need to comply with and need to jump through hoops this last one took us some time to get our shit together on but we where able to come up with it.
This is starting to smell fishy to me.

He has yet to answer me

If he comes back and tells me they need some thing else additional I’m going to freak out

my time extension runs out at the end of this month

lewisclan · Post by **lewisclan** » September 14th, 2009, 12:19 pm

http://bannedcr500riders.com/board/view ... highlight=

If only I could of seen this a few weeks ago I would be more relaxed right now

Post by **MojoScojo** » September 14th, 2009, 12:22 pm

It's not too late Jay.

dannygraves · Post by **dannygraves** » September 14th, 2009, 12:40 pm

sorry man, that sounds like a real PITA.
I wish I could buy a hopuse right jnow, but they are so anal right now, and me being self employed screws that all up

good luck man, hope you work it out.

CR500R7 · Post by **CR500R7** » September 14th, 2009, 11:38 pm

WOW you guys are dealing with some really twisted $h!t over there.

I hope it gets better.

lewisclan · Post by **lewisclan** » September 15th, 2009, 6:34 am

we are giving this jerk a office call in person this morning

britincali · Post by **britincali** » September 15th, 2009, 9:42 am

Its hard to get a loan right now for anything, the banks are paranoid as fuk.

Thats the main reason I bailed out of finance and back into sales

lewisclan · Post by **lewisclan** » September 15th, 2009, 2:02 pm

we went to his office this morning and its cleared out! no one there

hoofarted · Post by **hoofarted** » September 15th, 2009, 2:09 pm

lewisclan wrote:we went to his office this morning and its cleared out! no one there

WTF??

dannygraves · Post by **dannygraves** » September 15th, 2009, 3:30 pm

dude! that is FUCKED!

britincali · Post by **britincali** » September 15th, 2009, 3:47 pm

lewisclan wrote:we went to his office this morning and its cleared out! no one there

Sadly not an uncommon thing lately

iggys-amsoil · Post by **iggys-amsoil** » September 15th, 2009, 3:59 pm

I was gona say something about Locking in the loan. So much for that.

Sorry to hear Jay.

Mad Dog · Post by **Mad Dog** » September 15th, 2009, 5:49 pm

lewisclan wrote:we went to his office this morning and its cleared out! no one there

Well, that just blows.

Sorry Jay, I couldn't resist.
I feel for ya Bro.

sabreguy · Post by **sabreguy** » September 15th, 2009, 6:21 pm

What a pisser
Hope it al works out for the good J

CR500R7 · Post by **CR500R7** » September 15th, 2009, 7:27 pm

Really sorry to hear that Jay, where do you go from here.

After listening to what you guys are going through my life deosn't seem so bad.

lewisclan · Post by **lewisclan** » September 16th, 2009, 7:07 am

we got a 5 day time extension so we can try to find this broker or my loan doc`s
also called about a hard money loan mite need to head that direction just to close

dannygraves · Post by **dannygraves** » September 16th, 2009, 7:18 am

dude, that guy better be REAL careful with his words when you find him

BannedCR500Riders.com

getting a loan

getting a loan