Only serious answer please. . .
2006-10-05 08:33:12 · 5 answers · asked by avp071 4 in Business & Finance ➔ Renting & Real Estate
OOops. Call up your lender immediately. This happened to me, on a much smaller scale, and my loan officer was forced to cut some of the fees/originaation fees/discount point costs, etc.
Otherwise you will have to delay closing and have the purchsae price upped $5K and then the seller pays that $5K towards your costs. .. . or if this is a down payment, have the lender rework his numbers and write 5K less into the dp. Either way you need to contact everyone ASAP.
2006-10-05 08:43:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Determine if the seller is willing to pay some of your closing costs. Find a relative that can sign a gift letter to you and cover the shortage. Borrow against an asset such as a car or 401K plan as long as your debt to income ratios won't go too high. Renegotiate the price with the seller. Change loan products to a combination of a first and second mortgage. There are lots of options, too bad it all comes down to the last minute.
2006-10-05 08:48:44 · answer #2 · answered by larry r 3 · 0⤊ 0⤋
who give you those numbers? if you got those numbers from your attorney or title company, they are probably right, but if your loan officer give you those- they can be higher then actual costs. sometimes loan officers give the people higher numbers to make sure that costumers have enough money on the closing table.
the only thing what concerns me is the difference $5000. in most cases the numbers can be off $500, maybe $1000 the most.
2006-10-05 19:36:24 · answer #3 · answered by bianca 4 · 0⤊ 0⤋
You may need to get a loan with higher loan to value. For example 100%
You must have the money they usually check for it to approve the loan.
Matt
http://www.diversifiedlender.com/
http://www.minnesota-mortgage-rates.net/
2006-10-05 08:47:04 · answer #4 · answered by Matt J 3 · 0⤊ 0⤋
i would start with a new lender.....the fact they told you one thing and the final amount was off by that much doesnt smell all that good......the rest of the advice posted is good advice....but i would have someone with some knowledge lookig at your HUD to see where they went wrong with the figure you were told...
2006-10-05 09:15:43 · answer #5 · answered by becca9892003 6 · 0⤊ 0⤋