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.
After a painstaking 3 months of looking for a house and countless rejections, my broker has informed me that I've been denied a loan because of poor credit history, low score and unable to provide 12 months of rent payments from my landlord. Why would he continue the process of telling me to look for a house if these factors were considered from the start? He strung me along, asking me to remove an item from CAIVRS in less than 30 days or we can't close. So I did! I also was given an extension to come up closing costs and even borrowed money to do it. And his denial letter stated that I didn't clear CAIVRS when I did! And I paid for the inspection which passed and also sent $2000 in earnest money. If my credit history, score and rent payments were the issue, why would he continue this whole process of me getting a loan? And the reason I couldn't give him 12 months of rent payments is because my landlord has refused to accept rent anymore because he wants us out so he can move back into the house. I have no control over this! I'm so frustrated! Now I have no house and now I have to fight with the rest of the public trying to get an apartment from a landlord that accepts pets. And I keep getting screwed by landlord because they ask for fees and never respond back! Has anyone else ever dealt with these issues?
Why didn’t you check your credit score before ever applying. Look at your credit report for negatives, or do you have write offs. You need to fix your credit report before applying for a mortgage. Do you have evictions on your credit report?
After a painstaking 3 months of looking for a house and countless rejections, my broker has informed me that I've been denied a loan
This is why you get preapproval before house hunting.
Quote:
Originally Posted by CTBriGuy
because of poor credit history, low score and unable to provide 12 months of rent payments from my landlord.
You obviously knew your credit history, credit score, and rental history, so I don't see how this was surprising.
Quote:
Originally Posted by CTBriGuy
And the reason I couldn't give him 12 months of rent payments is because my landlord has refused to accept rent anymore because he wants us out so he can move back into the house.
Really? Your landlord is refusing your monthly rent payments. Sure, that sounds legit.
Quote:
Originally Posted by CTBriGuy
And I keep getting screwed by landlord because they ask for fees and never respond back! Has anyone else ever dealt with these issues?
This is why you get preapproval before house hunting.
You obviously knew your credit history, credit score, and rental history, so I don't see how this was surprising.
Really? Your landlord is refusing your monthly rent payments. Sure, that sounds legit. Refusing rent but asking for fees? Ok, dude.
The first line in the first post says it all. You get pre approved for a mortgage BEFORE you start shopping for a house; otherwise, how do you even know how much you are approved for? Obviously you know you have bad credit and a history of evictions. What would make you think you could get approved for a loan?
I don’t disagree with you at all but let’s not assume someone’s situation.
In 2009 I was paying $1250 for a 2 bedroom apartment in northern CT. Had student loan debt, just got married, little savings. Bought a 2 bedroom townhouse also in Northern CT for $150K, low HOA fees and my all in mortgage payment with taxes, principle, interest, insurance was $1090. Lived in that for 7 years and when sold got $30K check at closing..
At the time, I too struggled with closing costs, down payment (3.5%) but did have excellent credit (almost perfect.
Just because someone can’t save money well doesn’t mean they are “lucky to not get the mortgage”. The reality is in this case buying saved me money, made it easier to save and in the end, 7 years later, I instantly had $30K more in savings which was the down payment for my single family house. If I had never purchased I would have continued renting at higher numbers and never been creating equity.
If someone doesn't have $2000, how are they going to pay when an HVAC goes out? Or a roof needs to be replaced? Or any other number of things that cost far more than that to repair and just come with the territory of owning a house.
If someone doesn't have $2000, how are they going to pay when an HVAC goes out? Or a roof needs to be replaced? Or any other number of things that cost far more than that to repair and just come with the territory of owning a house.
To quote that guy in “The Graduate”: “plastic(s)”. Seriously, OP is not in any position to buy right now.
Ah for the good old days of "liar loans", also known as "no doc" loans. OP could be moving in as we speak....
Those were the good old days! I bought 3 properties with no money down and cash out at closing and never got in trouble. Rented them all out to tenants then sold them couple yrs later.
Learning experiences suck big time. Sorry for what you are going through. It is important that you don't go blaming others. Chalk it up to you didn't know what you didn't know.
Now you know that you need to get pre-approved so you know upfront whether you have mortgage-approval and for how much.
When my husband died, I felt like I was being kicked in the teeth daily with all the stuff that I just didn't know that I was supposed to be doing. It is hard.
It is a horrible feeling when we put all our mental, emotional, and fiscal energies into making a dream come true only to have it fall apart.
Unfortunately, the world continues turning even while ours is falling apart. Pull up your big boy/girl pants. Make a list of what you have to do. You need to rebuild your credit score, google how and build yourself a rental history. Make sure to pay on time every month, no more evictions no matter what. It feels tough right now but when you make a plan and stick to it, you will see the progress toward your goals.
Persevere. That is what I tell myself each day.
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.
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.
