- 8 years ago
- Wedding: October 2010
So, if you’ve been following my threads, we finally after a ton of hoops, got our offer accepted. Finally got the inspection completed. Finally even picked out the appliances and floors we would put in.
Yesterday I brought all our financial documents to the bank. When I left, the mortgage broker was like, “OK, I’ll be putting all this in and let you know if I need anything else.” A few hours later I get a call from our Realtor, NOT the broker. (pansy)
“Hi, K. I’ve got some really bad and serious news. As of 2/28, a new regulation was passed that requires you both have 3 trade lines and you only have 2. You’re no longer approved to get a conventional loan.”
Um…. WHAT. So, we had OVER 40-45% to put down. We were approved for the full price of the house, but only needed just about half of that on the mortgage. The reason we have money to put down, is that we’re both REALLY big on only buying what we can afford. i.e. Our cars are paid off, no student loans, etc. Fiance got a line of credit (and already paid it off) to buy my ring and that was his 3rd. I only have 2. So, in order to get a conventional loan, I have to go open a new credit card and wait about 3-6 months for it to get a “history.”
WTF – I’m being punished for being smart with my money. This is apparently a Fannie and Freddie regulation, which means, just about every bank we attempt to go through would have this. Anyone know of a bank which DOESNT report to F&F?
HOWEVER – We’re approved for a FHA loan. Meaning, we’re only required to put down a little bit, you’ve got PMI insurance, etc. i’m not entirely sure of what happens if you go with a FHA and you put down more than 20%. I thought the PMI would go away but we’re not sure. Also, the interest rate is usually higher.
I’m just beyond frustrated. Part of me is thinking maybe this is God’s way of saying, “goodness how many hoops do you need to make yourself jump through before you see my plan.” Part of me is wondering if it’s just the way things are these days post bailout. Even my dad the day before closing wasn’t sure he’d get his loan, and he’s a Oil Co. Exec.
I’m just beyond words right now. We have time to establish a new line of credit on me before the wedding…. but we’ll loose this particular house and the $8,000 tax credit. As of last night I thought we were going to let it go, but Fiance this morning called and wants to exhaust a few possibilities first…. So, I’m off to call a few places and see what’s what.
Basically, we need your thoughts and prayers. I’m just glad I didn’t turn in my 60 days notice yet 🙁