Need to vent about home loan

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gemini5241980 Posts : 426 Registered: 3/30/06
Need to vent about home loan
Posted: Apr 11, 2006 11:16 AM

Hey ladies just nee to vent some of the frustration of dealing with lenders for the past few days. We got  qualified for a loan about three months ago but since then I have been laid off from work. now they are revoking the loan and we have already started the paper work with the bank for the house.

I don't know what we're going to do. I am so ready to move ( those that read the post about my annoying family understand why). We thought we were finally going to have some peace and quiet and be far enough away from family that we could focus on our own. So much for that plan.

Say we need to find another income but that we will have to reapply for the loan because all my information will be changed. Of course then we aren't going to get it because I will not have been on my new job for at least one year. Hate the banks!!!!!!!!

Okay done venting so how is everyone elses day going?

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Guest
Re: Need to vent about home loan
Posted: Apr 11, 2006 12:47 PM Go to message in response to: gemini5241980

Im sorry, that really sucks. I understand you wanted to buy a house and get away from everyone else but since you cant buy one can you at least move to a different apartment building? I know its not the same but its better than nothing. Again, Im sorry and we are all here for you.

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RoBelle Posts : 1,236 Registered: 3/28/06
Re: Need to vent about home loan
Posted: Apr 11, 2006 2:33 PM Go to message in response to: Guest

HUGS go out to you. 

My FH and I are in the same boat.  We actually wanted to buy a house by the end of the summer.  We were already pre-qualified for a number of loans, but now my FH just found out that his company is going to out-source his department by June.  How upsetting!! Now we know for sure that we will have to put this off for a while longer.    

So trust me, I totally understand your stress.

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Guest
Re: Need to vent about home loan
Posted: Apr 11, 2006 2:37 PM Go to message in response to: gemini5241980

I'm  so sorry, that is totally frusterating. I don't even want to think about what I'd do in that situation! Big HUGS! I'll keep my fingers crossed that it all works out!

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gemini5241980 Posts : 426 Registered: 3/30/06
Re: Need to vent about home loan
Posted: Apr 11, 2006 6:46 PM Go to message in response to: Guest

thanks ladies. we are going to try and see if we can find a different lender based on his income and credit alone for now and then once I get back to work we wont have to worry about the payments cause we'll have two incomes.

Between my family, his nosey brothers, our kids and now this I'm going to loose my mind. I need to get out of my apartment for a while. think I'm gonna get baby bro to babysit tomorrow and just have some me time.

I guess all things happen for a reason so maybe we weren't supposed to get the house yet.  

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Guest
Re: Need to vent about home loan
Posted: Apr 11, 2006 7:35 PM Go to message in response to: gemini5241980

Hugs to you.  I've heard that you can take out a loan on your 401K or roll it into a home. IF you or FH has a 401k-it may be good thing to ask. IT would increase your downpayment and lower your qualifying payment. Best of luck to you. 

FH and I will be looking into this in the next few months.  I've decided to keep my condo to rent out but needed more downpayment on another house.

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Guest
Re: Need to vent about home loan
Posted: Apr 11, 2006 8:10 PM Go to message in response to: gemini5241980

working in this feild, you'd be surprised what people can qualify for. REALLY. i mean use his income with anticipation that you will be paying part of the mortgage. most lenders will approve you for a home double what the signle person can afford. also, consider if a parent or relative with cosign. part of the down payment can be gifted. but i would deff get one soon and deff a fixed. consider a national direct lender. most local banks and brokers tend to have higher rates (though banks are really good for helocs these days). good luck.   

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gemini5241980 Posts : 426 Registered: 3/30/06
Re: Need to vent about home loan
Posted: Apr 11, 2006 10:06 PM Go to message in response to: Guest

yeah!!!! Just got off the phone with a lender from lending tree. pre-qualify for a $170,000 loan. The house we were looking at is only half that. Maybe things will work out this time around but I'm not getting my hopes up. 

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Guest
Re: Need to vent about home loan
Posted: Apr 12, 2006 12:42 AM Go to message in response to: gemini5241980

I understand how you feel...we are trying to buy a home and are only asking for 62,500..BUT, we don't have very much credit and its killing us...we have a good downpayment, but because of our age and my fiance not really having credit and the type of home it is, its a nightmare...plus we have to be out of our place by the end of this month...i agree..I HATE the BANKS TOO!!! :P

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Guest
Re: Need to vent about home loan
Posted: Apr 12, 2006 4:28 AM Go to message in response to: Guest

Heh, I get headaches just thinking about getting a home... eventually.  Right now, I pay a ridiculous amount of rent - my FH has perfect credit, mine is ok (student loans kinda screw mine up a bit), we could work up a small down payment but....

...all the houses in our area are like, $500,000 minimum.  I think we'll be renting forever, or I should start playing the lottery, haha!  Even small co-ops are $250k+, it really makes me consider moving out of NY.

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Guest
Re: Need to vent about home loan
Posted: Apr 12, 2006 7:38 PM Go to message in response to: Guest

Big hugs to ALL you girls that things work out! I feel ya... FH has been doing freelance work for a few mos but he really needs to be steadily employed for us to get a decent home loan. Meanwhile, my steady job got reduced to p/t hrs recently due to the company have a rough financial time; no word on when I can be reinstated and if it's no time soon I need ot start looking b/c I need that f/t salary!

Pros are that FH has a good chunk of money saved toward a nice downpay, and my mom has promised to help us but wont be able to until right before the wedding. Me? I've got student loans out the wa-zoo and the nasty credit card that kept me afloat through college. We really don't want to stay in an apt but we're looking at buying a cheap fixer-upper we can sell in a few years for profit, OR renting a house if we can find one that will take our cats.

I always thought the mos before I got married would be this smooth, fluffy period of choosing living room furniture, and finetuning the wedding details, so this bit of chaos floored me! Ironically, we're still doing all that sort of planning, just with a lot extra on the plate... The one constant about life: it goes on!

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