I am only 15 points away on my credit score from getting a home loan and the lender I am working with is doing a plus score for me it should take a week to get the results (he is confident that it will increase far enough to get me qualified) we have found the house of our dreams and are afraid it wont be there in a week so should we put in a offer contingent of being financed or wait ?????????
the lender has given me specific details that entail paying a certain credit card down to a 11 dollar balance and says this alone will increase my score by 20 points this is our first home so we need all the info we can get
2007-03-01 14:05:28 · 5 answers · asked by FOXY 2 in Business & Finance ➔ Renting & Real Estate
if it is contingent on you getting the loan, do it.
but remember that there are probably hundreds of houses of your dreams,so dont get sucked in to doing anything you dont feel comfortable with.it is an old trick that this is the only one and if you dont act immediately it will be gone.
it is a big investment so take care and dont be over eager,or at least dont show it.
good luck,from an ex realtor.
2007-03-01 14:37:28 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Are you prepared to pay the credit card down to 11 dollars and also provide the earnest money necessary for your offer on the new house? and also the down payment for your mortgage and the closing costs? the sellers may request 2-3%+ in up front earnets money to take your offer seriously.. that like everyting else in the contract is negotiable.. You can make the contract contingent on you getting financing but they could reject that part of the contract and actually might not even accept an offer unless you can show them you are pre-approved for the amount... me i wouldnt want the stress of trying to get this worked out.. there will also be more houses for sale.. going into this deal with too much emotional attachement could be bad news..
2007-03-01 22:24:24 · answer #2 · answered by MrFava 2 · 1⤊ 0⤋
You have found the house of your dreams. GO FOR IT!
Yes, put in an offer contigent upon you obtaining the loan.
Question...how can your mortgage loan officer know how much you wish to finance before you have agreed with a seller on a price? I'd be a little skeptical about this mortgage company, if I were you. Be careful.
2007-03-02 06:51:55 · answer #3 · answered by Barbara 5 · 0⤊ 0⤋
If you fond a house once, I think you will find one again. Like the other person said, are you able to pay down that credit card and everythign else? if so, go for it. but if not then what's the point.
also, try to find out how long the house has been on the market. If it's been a few months, then go for it. The current owner might be desparate enough to take whatever offer is made.
Good Luck!
2007-03-01 22:34:14 · answer #4 · answered by chelly01 3 · 0⤊ 0⤋
Most people put an offer in with that contingency but most sellers want the buyer to already be pre-approved for a mortgage. If you are not pre-approved already, many sellers will not even look at the offer.
2007-03-02 09:32:40 · answer #5 · answered by KathyS 7 · 0⤊ 0⤋