More Home buying bullshit
by, June 24th, 2011 at 02:12 PM (6876 Views)
So as I type this, We (My bank) has missed 2 out of 2 closing dates we have set. The 17th of last week and today the 24th, now we are shooting for a 3rd date of some time next week. Why? Well, because it seems the mortgage industry butt fucked itself so well by giving out people who had a Mcdonalds salary, $500,000 home loans. Now scared shitless to give out a mortgage to anyone else, even if they completely and overwhelmingly can handle it.
I've got more than the required 4% down payment, I can pay closing, I have a very good credit score (780) and I'm only borrowing $88k to buy a house that was apparised buy the apparaser that they hired for $150,000...So what's holding the closing back? Two "undocumented" deposits, from car parts I've sold OVER 8 MONTHS AGO! One for $1,000 and the other for $560...Hopefully creating documentation, to show that the $1,500 wasn't from selling a brick of coke, that the underwriter will now sign off on this and I can start working on my house....
So word to new home buyers, be prepared to have your entire financial history picked over like you're hiding illegal contraband up your ass at the airport, they will find something, and it's going to be complete bullshit.