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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?
Pay your bills on time. If you can’t get that right, you’ll never accomplish anything. It’s the most basic skill that demonstrates you are a reliable human being. Why should anyone deal with you otherwise? Your credit history tells the story that you’ll just take the money or the service and run. It’s sort of like dealing with a thief. Who needs it?
And if you had to borrow closing costs, you weren’t qualified anyway. You should buy the house, pay your closing costs, and still have 50 grand or so in the bank for emergencies. Homeownership is expensive.
Don’t blame anyone for your problems. If you knew you had a history of not paying your bills, you should have realized your credit score would prevent buying a house. So fix that. Pay your bills. Then try again in a few years when tour credit score is at least 750.
Since you have a history of evictions and blaming your landlord for not evicting you sooner, you have a low credit score, and a myriad of other financial problems, what makes you think anyone will give you a mortgage? It's not your broker's fault; it's you.
I was thinking the same thing.
I'm surprised the OP went that far in the process without realizing for themselves that those items would be a significant hurdle for them.
That said, based on your posting history, it seems you may have a history of difficulty, including evictions, etc. That comes into play when trying to get a mortgage.
post #1, four years ago, at least was put in the proper subforum (Renting).
I do feel a bit badly if there's a nugget of truth that a Mortgage lender (the "broker" in this situation) didn't lay the cards out in the beginning and tell the OP "You aren't qualified for a mortgage until you at least do this first." That assumes a nugget of truth.
i agree with most of the others. However, your lender should have been up front and had you work on needed items sooner. I don't know if it's his fault or yours though since I wasn't privy to conversations. I've done this long enough to know sometimes people hear what they want. I can say "red", and the other person only hears "blue".
Now you know the issues so start working on it. You may be in better position in as little as 6 months. Get with another lender that will help with basic credit repair and start over.
Last question: I want to know about the rental situation. Are you staying in place with a lease protecting your right to occupy, or have you stayed past your lease and refusing to give the owner possession back? It's odd they are refusing your rent so I'm sure there's more to the story. I'm just wondering if the owner got stuck being unable to evict you because of the stupid eviction ban.
I feel like OP is leaving out some facts but even with that, he needs to take care of his bills. I have a hard time believing the landlord is letting him live rent free but it also sounds like he'll squat there if he needs to.
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?
Your story makes no sense. Your broker doesn't make the decision for the lender. Maybe they thought you were up against long odds but were just trying for the best. Was this the first broker you saw?
I've never known a landlord - and I've known a lot having once been one - that wouldn't accept rent from a tenant. Besides, if they want you out then helping you get a mortgage to buy a house would be the quickest and easist way for them to get you out. Getting an unwanted tenant to leave voluntarily is so desired by landlords that they are often willing to offer "cash for keys". My bet is you took advantage of the eviction moratorium to not pay rent and now that such protections are expiring, the chickens are coming home to roost.
Good luck getting a new lease much less a mortgage.
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