I was approved for a loan, but it is not enough to cover the house I want, I need some more money from some where, like asap. the company I went through had me pay an upfront fee of 445.00 which 400.00 will be given back at the closing, and it is not refundable other than at closing, what do I do?
2006-06-22 05:09:07 · 5 answers · asked by keke16 1 in Business & Finance ➔ Renting & Real Estate
You can try to get a cheaper home, or get a separate loan to help cover what you are lacking and then consolidate the two.
2006-06-22 05:25:31 · answer #1 · answered by Sweetask 6 · 0⤊ 0⤋
I suggest you look for a house which is more affordable for you than the one you currently do not qualify for. There are many unscrupulous lenders who would be more than happy to get you into a 80/20, in which you have two loans, a first and a second. These loans will finance 100% of the house but lock you into two seperate payments, both of which could create a default postition and you would lose your home. They will try to get you to call them via this forum. I do not reccomend you do so. Ask yourself why they are tying to drum up busiiness at a forum like this one. If they were really repatable they would not be needing to advertise they business here.
Look, it is to your advantage to utilize the amount of loan you quallified for. The lender took into account your debt to income ratio and offered a funding they believe you will be able to handle and not default on. It is best to purchase a smaller house and then later upgrade as your income increases and your debt decreases. I understand the lure of wanting something right now. However, the instant gratification can back fire in a horrid manner which could affect your financial status for years to come. A default on your record is not conducive to financial stability. Go with a smaller more affordable home now, and keep your dreams alive for oen like you are wanting now. It will be good motivation to keep working as hard as you have been. Dreams are good, and there is nothing wrong with waitng for gratification. Good luck to you and your family. I hope you make the right decision. Your family is counting on you.
2006-06-22 12:18:53 · answer #2 · answered by Serenity 7 · 0⤊ 0⤋
Have the seller carry a note for the rest. Here's the seller's benefits:
1. Chances are, the seller doesn't want this transaction to fail
2. The seller doesn't have to pay taxes all at once for the money he would have received
3. The seller wouldn't mind getting monthly payments with a higher interest than if he were to put the money in a 401k or bank CD or savings account
4. The seller could sell the note if he needs instant cash
Regards
2006-06-22 12:46:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I may be able to assist you, I am a mortgage broker who works with over 100 lenders nationwide and offer several programs that will fit almost any situation. Please feel free to contact me Jcorreahq@yahoo.com I will go through everything with you and answer any questions you may have about the process. This is at no obligation to you and if nothing else will educate you on how everything works and what you qualify for exactly! I look forward to hearing from you! ~Joseph Correa Licensed Mortgage Broker
2006-06-22 15:34:18 · answer #4 · answered by jcorreahq 2 · 0⤊ 0⤋
. . .GIVE a good ***-kick . . .
2006-06-22 12:15:30 · answer #5 · answered by boy.70yr 1 · 0⤊ 0⤋