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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?
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.
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.
See if you can get a pre-approval. Then go look at a house.
Just the fact that you needed borrow money for closing costs means that you were no where near ready to buy a home. Count your blessings that the mortgage was denied because you likely would of been in foreclosure in a couple of months.
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?
Dh and I were preapproved before we bought a home. I haven’t heard of rent payments being needed. Our credit union wanted W-2, investment and saving account balances, as well as any other income.
Get your debts in order and save. Take it as a learning experience. It’s normal for renters to pay an application fee, firsts months rent and security deposit.
Just the fact that you needed borrow money for closing costs means that you were no where near ready to buy a home. Count your blessings that the mortgage was denied because you likely would of been in foreclosure in a couple of months.
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.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,346 posts, read 8,561,064 times
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Quote:
Originally Posted by Reilly1017
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.
That worked out for you, but let’s look at what happens most of the time. Not just your case. You didn’t say what you had for income. What was your dti? Did you have history of not paying rent and being evicted?
Pay off loans, build up some savings, and let 24 months go by with no financial hiccups like late rent or late credit card payment. This will help your credit score.
Also, consider getting a second job to build up your savings faster. There are lots of jobs out there.
Get a roommate to split the rent and utilities.
Lastly, are your parents still alive? See if they're willing to assist with a down-payment.
I feel bad for you not knowing your history. Hope you can find another rental nearby. The landlord not giving receipts can be bypassed by you showing cancelled checks or bank statements that have those dollars taken out regularly. And if your landlord wants his house back maybe he will pay you a little something to help you move out.
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