U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-14-2015, 02:46 PM
 
24 posts, read 39,301 times
Reputation: 21

Advertisements

Quote:
Originally Posted by TimtheGuy View Post
You may be able to salvage the deal.
One of the pitfalls of the lending falling through is it invalidates the contract. Therefore, it gives the parties to the transaction a second bite at the negotiation apple.

I originally had $4000 is seller credit towards closing costs. In five weeks, my credit score went up and DTI went down enough to qualify for a $2500 state grant towards down payment.

Since so much time was held up by QLMS combined with the fact I am now receiving grant money, the seller reduced their willingness to contribute down to $3000. Also, the seller has agreed to a pre-occupancy agreement good for the sooner of 30 days or closing. A pre-requisite was the seller wanted a commitment from the lender.

So, I can move into the house as a tenant.

Reply With Quote Quick reply to this message

 
Old 07-10-2015, 07:25 PM
 
24 posts, read 39,301 times
Reputation: 21
Made it across the finish line calmly, with huge respect for the process, and maybe a bit wiser...

Along with the $2500 in down payment assistance, I received a owners policy and waiting for approval on a mortgage credit certificate.
Reply With Quote Quick reply to this message
 
Old 07-10-2015, 08:39 PM
 
Location: MID ATLANTIC
7,600 posts, read 17,629,190 times
Reputation: 8084
Excellent, glad to hear it. Packaging a mortgage loan for an underwriter is definitely an art. Appreciate someone that is detailed. You will have fewer last minute surprises.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top