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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Maybe you should wait to qualify better.. Posted by Lynn on July 25, 2003 at 1:56 PM In Reply to: Maybe you should wait to qualify better.. posted by Ward-CA= on July 25, 2003 at 8:07 AM : Lynn, : No, I wouldn't give that much significance to establishing a closing date of the transfer of the lien. : You've been living in the house free for almost 4 months (from May to July). What would you have used for house payments for the last 4 months if your purchase went as originally planned? If you are so stretched financially, is buying a house now the prudent thing to do? : Have you thought of moving into a rental until your savings and income improve more? Our house payment will only be $1,100 a month. We have saved the 'mortgage' payment since living here and don't even have half of $9,000 needed to give our friends. We have lived here only 2 months with August being our 3rd month. We do have $17,000 in savings for closing. That is our downpayment and closing costs. We have no problem in buying the house or affording it we just don't have an additional $9,000. The bank wont extend our loan to cover it either because the home doesn't appraise out enough to justify an additional $9,000. Is is significant that here has been some communication between escrow and our friends bank to bring this deal to a close? The bank has even outlined to our friends how the loan will be applied to their current home and how payments will be made. The bank has gathered our vital info. ie. Loan approval (more than an approval our loan has gone thru' to the underwriter and just waiting for a clear title) appraisal, Title report and Sale agreement. The bank says it takes 30 days to process but with a Sept. 1 closing they are getting more like 45 days from when they received all paper work. Why would this take so long? Any as you can see we are beyond needing to rent. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Lynn, : : No, I wouldn't give that much significance to establishing a closing date of the transfer of the lien. : : You've been living in the house free for almost 4 months (from May to July). What would you have used for house payments for the last 4 months if your purchase went as originally planned? If you are so stretched financially, is buying a house now the prudent thing to do? : : Have you thought of moving into a rental until your savings and income improve more? : Our house payment will only be $1,100 a month. We have saved the 'mortgage' payment since living here and don't even have half of $9,000 needed to give our friends. We have lived here only 2 months with August being our 3rd month. We do have $17,000 in savings for closing. : That is our downpayment and closing costs. We have no problem in buying the house or affording it we just don't have an additional $9,000. : The bank wont extend our loan to cover it either because the home doesn't appraise out enough to justify an additional $9,000. : Is is significant that here has been some communication between escrow and our friends bank to bring this deal to a close? The bank : has even outlined to our friends how the loan will be applied to their current home and : how payments will be made. The bank has gathered our vital info. ie. Loan approval (more than an approval our loan has gone thru' to : the underwriter and just waiting for a clear title) appraisal, Title report and Sale agreement. The bank says it takes 30 days to : process but with a Sept. 1 closing they are getting more like 45 days from when they received all paper work. Why would this take so : long? : Any as you can see we are beyond needing to rent. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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