[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[HLS]

Unfortunate decision to go with CHASE.
I was contacted recently by someone else who was putting 60% down and wasted their time with AIM.

Thanks to govt intervention to “protect” consumers, it is more complicated than ever to get a loan today. There are more restrictions, guidelines and disclosures required than ever before.

When a condo/townhome is involved it adds an additional layer of hassle. You need accurate information from the mgmt company regarding budget, financials, insurance, litigation, foreclosures, delinquencies etc.
20% down on a condo is going to cost you a higher rate than if you are able to put 25% down. (It can be .25 to.375 higher) Did they tell you this ?

I have never heard of an appraiser making this mistake. They are sent an order that includes a copy of the purchase agreement. The mortgage side screwed up if they ordered an appraisal for a refi. The appraiser should be able to fix the report after reviewing a copy of the purchase agreement. Someone is lying to you.

Normally closing in 30 days is not a problem. Your existing appraisal may not be valid with a different lender and you will need to get the info from the association.

There is no such thing as an easy loan today.
What is Chase telling you at this point ??
If they can’t make it right quickly,
assuming that you qualify, I will do whatever I can to get it done in 3-4 weeks but cannot guarantee it. You cannot work with 2 lenders at the same time.

Rates have moved up about .375% in the last week. If you are closing in May and are a first time buyer, you may benefit from the state tax credit being offered… HLS

[HLS]

Unfortunate decision to go with CHASE.
I was contacted recently by someone else who was putting 60% down and wasted their time with AIM.

Thanks to govt intervention to “protect” consumers, it is more complicated than ever to get a loan today. There are more restrictions, guidelines and disclosures required than ever before.

When a condo/townhome is involved it adds an additional layer of hassle. You need accurate information from the mgmt company regarding budget, financials, insurance, litigation, foreclosures, delinquencies etc.
20% down on a condo is going to cost you a higher rate than if you are able to put 25% down. (It can be .25 to.375 higher) Did they tell you this ?

I have never heard of an appraiser making this mistake. They are sent an order that includes a copy of the purchase agreement. The mortgage side screwed up if they ordered an appraisal for a refi. The appraiser should be able to fix the report after reviewing a copy of the purchase agreement. Someone is lying to you.

Normally closing in 30 days is not a problem. Your existing appraisal may not be valid with a different lender and you will need to get the info from the association.

There is no such thing as an easy loan today.
What is Chase telling you at this point ??
If they can’t make it right quickly,
assuming that you qualify, I will do whatever I can to get it done in 3-4 weeks but cannot guarantee it. You cannot work with 2 lenders at the same time.

Rates have moved up about .375% in the last week. If you are closing in May and are a first time buyer, you may benefit from the state tax credit being offered… HLS

[HLS]

Unfortunate decision to go with CHASE.
I was contacted recently by someone else who was putting 60% down and wasted their time with AIM.

Thanks to govt intervention to “protect” consumers, it is more complicated than ever to get a loan today. There are more restrictions, guidelines and disclosures required than ever before.

When a condo/townhome is involved it adds an additional layer of hassle. You need accurate information from the mgmt company regarding budget, financials, insurance, litigation, foreclosures, delinquencies etc.
20% down on a condo is going to cost you a higher rate than if you are able to put 25% down. (It can be .25 to.375 higher) Did they tell you this ?

I have never heard of an appraiser making this mistake. They are sent an order that includes a copy of the purchase agreement. The mortgage side screwed up if they ordered an appraisal for a refi. The appraiser should be able to fix the report after reviewing a copy of the purchase agreement. Someone is lying to you.

Normally closing in 30 days is not a problem. Your existing appraisal may not be valid with a different lender and you will need to get the info from the association.

There is no such thing as an easy loan today.
What is Chase telling you at this point ??
If they can’t make it right quickly,
assuming that you qualify, I will do whatever I can to get it done in 3-4 weeks but cannot guarantee it. You cannot work with 2 lenders at the same time.

Rates have moved up about .375% in the last week. If you are closing in May and are a first time buyer, you may benefit from the state tax credit being offered… HLS

[HLS]

Unfortunate decision to go with CHASE.
I was contacted recently by someone else who was putting 60% down and wasted their time with AIM.

Thanks to govt intervention to “protect” consumers, it is more complicated than ever to get a loan today. There are more restrictions, guidelines and disclosures required than ever before.

When a condo/townhome is involved it adds an additional layer of hassle. You need accurate information from the mgmt company regarding budget, financials, insurance, litigation, foreclosures, delinquencies etc.
20% down on a condo is going to cost you a higher rate than if you are able to put 25% down. (It can be .25 to.375 higher) Did they tell you this ?

I have never heard of an appraiser making this mistake. They are sent an order that includes a copy of the purchase agreement. The mortgage side screwed up if they ordered an appraisal for a refi. The appraiser should be able to fix the report after reviewing a copy of the purchase agreement. Someone is lying to you.

Normally closing in 30 days is not a problem. Your existing appraisal may not be valid with a different lender and you will need to get the info from the association.

There is no such thing as an easy loan today.
What is Chase telling you at this point ??
If they can’t make it right quickly,
assuming that you qualify, I will do whatever I can to get it done in 3-4 weeks but cannot guarantee it. You cannot work with 2 lenders at the same time.

Rates have moved up about .375% in the last week. If you are closing in May and are a first time buyer, you may benefit from the state tax credit being offered… HLS

[HLS]

Unfortunate decision to go with CHASE.
I was contacted recently by someone else who was putting 60% down and wasted their time with AIM.

Thanks to govt intervention to “protect” consumers, it is more complicated than ever to get a loan today. There are more restrictions, guidelines and disclosures required than ever before.

When a condo/townhome is involved it adds an additional layer of hassle. You need accurate information from the mgmt company regarding budget, financials, insurance, litigation, foreclosures, delinquencies etc.
20% down on a condo is going to cost you a higher rate than if you are able to put 25% down. (It can be .25 to.375 higher) Did they tell you this ?

I have never heard of an appraiser making this mistake. They are sent an order that includes a copy of the purchase agreement. The mortgage side screwed up if they ordered an appraisal for a refi. The appraiser should be able to fix the report after reviewing a copy of the purchase agreement. Someone is lying to you.

Normally closing in 30 days is not a problem. Your existing appraisal may not be valid with a different lender and you will need to get the info from the association.

There is no such thing as an easy loan today.
What is Chase telling you at this point ??
If they can’t make it right quickly,
assuming that you qualify, I will do whatever I can to get it done in 3-4 weeks but cannot guarantee it. You cannot work with 2 lenders at the same time.

Rates have moved up about .375% in the last week. If you are closing in May and are a first time buyer, you may benefit from the state tax credit being offered… HLS

[HLS]

They get sold for cash, and prices plummet.
In Florida, there are condos that were $200K a few years ago that were recently $30K-$40K.

I knew someone that wanted to give a damaged unit away, just to get rid of it. The monthly assessment was up to $600+ a month, and it had been hurricane damaged.

There are local condo complexes that are headed for trouble, especially conversions.
There are lots of foolish “investors” who have more money than brains. Some things never change, greed is one of them.

It’s also harder to finance a condo bought as a rental property vs. primary residence.

[HLS]

They get sold for cash, and prices plummet.
In Florida, there are condos that were $200K a few years ago that were recently $30K-$40K.

I knew someone that wanted to give a damaged unit away, just to get rid of it. The monthly assessment was up to $600+ a month, and it had been hurricane damaged.

There are local condo complexes that are headed for trouble, especially conversions.
There are lots of foolish “investors” who have more money than brains. Some things never change, greed is one of them.

It’s also harder to finance a condo bought as a rental property vs. primary residence.

[HLS]

They get sold for cash, and prices plummet.
In Florida, there are condos that were $200K a few years ago that were recently $30K-$40K.

I knew someone that wanted to give a damaged unit away, just to get rid of it. The monthly assessment was up to $600+ a month, and it had been hurricane damaged.

There are local condo complexes that are headed for trouble, especially conversions.
There are lots of foolish “investors” who have more money than brains. Some things never change, greed is one of them.

It’s also harder to finance a condo bought as a rental property vs. primary residence.

[HLS]

They get sold for cash, and prices plummet.
In Florida, there are condos that were $200K a few years ago that were recently $30K-$40K.

I knew someone that wanted to give a damaged unit away, just to get rid of it. The monthly assessment was up to $600+ a month, and it had been hurricane damaged.

There are local condo complexes that are headed for trouble, especially conversions.
There are lots of foolish “investors” who have more money than brains. Some things never change, greed is one of them.

It’s also harder to finance a condo bought as a rental property vs. primary residence.

[HLS]

They get sold for cash, and prices plummet.
In Florida, there are condos that were $200K a few years ago that were recently $30K-$40K.

I knew someone that wanted to give a damaged unit away, just to get rid of it. The monthly assessment was up to $600+ a month, and it had been hurricane damaged.

There are local condo complexes that are headed for trouble, especially conversions.
There are lots of foolish “investors” who have more money than brains. Some things never change, greed is one of them.

It’s also harder to finance a condo bought as a rental property vs. primary residence.

[HLS]

If you are expecting to get a loan and a condo cert is required and one hasn’t been approved by an underwriter, you are wasting your time even thinking about buying the place.

Many people qualify as borrowers but the condo complex doesn’t qualify. There are various reasons for this, and it doesn’t matter how high your credit score is or how much you are putting down or how much money you make.

Even an 800 credit score wanting to put 75% down can’t get financing on some condos.

If you are going to pay cash, you can buy whatever you want.
Expect to pay $50 to $100 to get a cert filled out by the mgmt company, and around $400 for an appraisal. You can also be charged $100-$200 to have the lender named as add’l insured on the master policy.

[HLS]

If you are expecting to get a loan and a condo cert is required and one hasn’t been approved by an underwriter, you are wasting your time even thinking about buying the place.

Many people qualify as borrowers but the condo complex doesn’t qualify. There are various reasons for this, and it doesn’t matter how high your credit score is or how much you are putting down or how much money you make.

Even an 800 credit score wanting to put 75% down can’t get financing on some condos.

If you are going to pay cash, you can buy whatever you want.
Expect to pay $50 to $100 to get a cert filled out by the mgmt company, and around $400 for an appraisal. You can also be charged $100-$200 to have the lender named as add’l insured on the master policy.

[HLS]

If you are expecting to get a loan and a condo cert is required and one hasn’t been approved by an underwriter, you are wasting your time even thinking about buying the place.

Many people qualify as borrowers but the condo complex doesn’t qualify. There are various reasons for this, and it doesn’t matter how high your credit score is or how much you are putting down or how much money you make.

Even an 800 credit score wanting to put 75% down can’t get financing on some condos.

If you are going to pay cash, you can buy whatever you want.
Expect to pay $50 to $100 to get a cert filled out by the mgmt company, and around $400 for an appraisal. You can also be charged $100-$200 to have the lender named as add’l insured on the master policy.

[Author]

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