Tuesday, July 27, 2010

I do not recommend

First Place Bank.

That's the bank we were going thru for our lending, because they were one of the few we could find that did HomePath Renovation mortgages, which was initially the type of mortgage we wanted to get (now that the price has dropped we'll be doing an FHA loan).

So, a couple of months ago when we were first going thru the loan approval process, it seemed like they repeatedly asked us for more, & different, information.

We assumed this was just part of the process, and willingly, even happily complied.

Oh, we can't approve you with this, but if you just send us this from your contractor you'll be fine.

Send it, and denied.

But if you just send this from your bank, you'll be fine.

Send it, and denied.

But if you just send this letter, you'll be fine.

Send it, and denied.

They did it to us again. We should have never gone back to them in the first place (our bad).

Everything checks out for you to be approved for the lower loan amount, now if you'll just send us an agreement, saying you'll hook up to city water, you'll be fine (in most cases, FHA will not approve a house with a cistern).

We sent it, they denied us.

It's like a roller coaster. They get our hopes up, detailing how & why they just need one more thing from us before approval, then bam! denied. Again.

I told FireMan I was done with them.

Our realtor contacted a lender that he works with regularly, they called FireMan late yesterday, and we are verbally approved. Already. Letter should go to our realtor by end-of-business today, and we can submit our offer.

No games. No hoop-jumping.

He knows about my bankruptcy, and the cistern. And we're already approved.

I'm glad, but so ticked that we wasted our time with the other bank.

And I'm still not holding my breath.

Oh, and the inspection on our home was today. Verbally, we were told that everything was fine, although FireMan said he saw the inspector eyeballing something at the front of the house as he was leaving. Guess we won't know for sure until we get the papers.
Appraisal will be next. That's nerve-wracking, because it just depends on what they think. In my opinion, appraisals are much more subjective than they should be.  I've heard of appraisers telling sellers they need to re-paint rooms or replace trim. Even against the buyer's wishes. But because the appraiser thinks it needs to be done, they can make you do it. I think that's silly. So... wish us luck!

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