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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
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SIGH... So I think Im going to walk away from this home and my down payment.
Long story short they will not approve me only because I am married. If I was separated I would be approved for a loan.
You can not do an FHA loan on an "investment property" which is what theyre calling it because I am legally married and my husband owns a house. The down payment on an investment property is more than I have now to spend on that.
So even though I have perfect credit, a lot of money in the bank, a great job and am a first time home buyer... it wont work out.
So now it looks like even though I have been waiting on an answer from the sellers bank since August, I will be the one walking away and will most likely lose my $5000 1/2 down payment, because I dont think my lawyer put a date in the contract of when wed need to close by.
Its just all craziness :( Just needed to vent.  
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Posted 2/4/12 4:48 PM  |
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Prudential Douglas Elliman Real Estate
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
Isn't there a clause in your contract that if you can't obtain your financing, you can break the contract (without penalty/loss of down payment)? That is a standard clause in any purchase contract. Have you consulted your lawyer?
Also - if you intend to live in the home you are purchasing as a primary residence, I don't think it should be deemed an investment property. ots of people have spouses who own other property but that doesn't mean that any property they purchase going forward should be automatically deemed an investment property. Have you checked with more than one lender/shopped around a bit? While FHA has its requirements, a lot of lenders pile their own bank-specific rules on top of them, and then make the borrower believe that "FHA won't allow this or that" when it is really the particular bank's own issue.
If you want to talk to another lender, I would be happy to put you in touch with the person I recommend all the time. He is knowledgeable about all different types of loan programs, and if there's a way to get a loan done, he will do it! Let me know...
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| Posted 2/4/12 5:27 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
My mortgage broker said he tried numerous angles with many different banks and he even had other brokers look into it for them.
Seems crazy to me too but they wont consider it a promary residence unless my husbands house is being rented or something like that. No matter which way we turned it was something.
Im just giving up.
As for the clause... the first bank we were going with sent us a commitment letter which we forwarded on. But then they told me because I decided not to continue my separation from my husband that they could not longer help me.
I felt forced to get separated if I wanted the house! Things are FAR from perfect between us but we havent tried counseling yet. I need to try everything before I make the decision. I cant do that just for a house KWIM?
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| Posted 2/4/12 5:53 PM |
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
Do you have a Real Estate Attorney? I believe that if you are denied a mortgage, then you should be able to get your deposit back.
I do know that if you have a mortgage and want to buy another home, then it would be considered an "investment property". Is your name on the mortgage for your current home as well as DH?
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| Posted 2/4/12 6:20 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
Posted by avabrodymamma
Do you have a Real Estate Attorney? I believe that if you are denied a mortgage, then you should be able to get your deposit back.
I do know that if you have a mortgage and want to buy another home, then it would be considered an "investment property". Is your name on the mortgage for your current home as well as DH?
Yes, I left him a message.
No, Im not on the mortgage or deed or anything on DHs house.
Id purchase it as an investement property except that the down payment is much much much higher 
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| Posted 2/4/12 6:22 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
there should be a clause that you can get out without losing your deposit if you cannot obtain financing.
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| Posted 2/4/12 6:51 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
Posted by alli3131
there should be a clause that you can get out without losing your deposit if you cannot obtain financing.
Thanks. Im hoping my lawyer comes back saying the same thing.
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| Posted 2/4/12 7:10 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
Posted by fdnywife
Posted by alli3131
there should be a clause that you can get out without losing your deposit if you cannot obtain financing.
Thanks. Im hoping my lawyer comes back saying the same thing.
That absolutely should be the case. I always knew that if you dont get the mortgage, you receive your downpayment back.
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| Posted 2/4/12 7:45 PM |
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
Posted by avabrodymamma
Do you have a Real Estate Attorney? I believe that if you are denied a mortgage, then you should be able to get your deposit back.
I do know that if you have a mortgage and want to buy another home, then it would be considered an "investment property". Is your name on the mortgage for your current home as well as DH?
If you are Not on the deed to your home with DH, and you are purchasing the new home with your own money, credit, salary, then how is it an investment property?
When we sold our home on the South Shore and went on to purchase our new home, we used an excellent Real Estate Attorney in Babylon Village. You should give him a call and run your story by him. His name is Jerry Cassel, his number is 631-661-800. Good Luck.
Message edited 2/4/2012 7:54:23 PM.
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| Posted 2/4/12 7:53 PM |
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
Posted by avabrodymamma
Posted by avabrodymamma
Do you have a Real Estate Attorney? I believe that if you are denied a mortgage, then you should be able to get your deposit back.
I do know that if you have a mortgage and want to buy another home, then it would be considered an "investment property". Is your name on the mortgage for your current home as well as DH?
If you are Not on the deed to your home with DH, and you are purchasing the new home with your own money, credit, salary, then how is it an investment property?
When we sold our home on the South Shore and went on to purchase our new home, we used an excellent Real Estate Attorney in Babylon Village. You should give him a call and run your story by him. His name is Jerry Cassel, his number is 631-661-800. Good Luck.
ETA, when we were selling our first home and buying our second, the new home under- appraised. The sellers would not lower the price. We could not get the mortgage for over the appraised amount, so we were able to get out of the contract and get our full deposit back.
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| Posted 2/4/12 7:56 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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Re: SIGH... So I think Im going to walk away from this home and my down payment.
Supposedly I'm getting my down payment back Monday.
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| Posted 2/11/12 3:53 AM |
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