That's what Option One did to us. Three weeks ago we were accepted. Then the debt to income ratio came into play, so our lender told our realtor that our loan was dead in the water. Hey--thanks for the Lacy Peterson image during my pregnancy you frikking b*tch. So we were done with that lender.
Another lender is recommended (friend of the realtor) and up until this morning I thought the guy was a miracle maker. LOL I called him up on MONDAY and said to check back w/ Option One...... (no return call...) It wasn't until yesterday that he contacted them and they again accepted us. I asked the guy, "at 100% financing" and he said "YES!" and "if it was 110% deal" and he said "100%". Sounds pretty solid to me! He told us he was getting the info in, as things could change in the morning. My husband and I thought it could be another joke played on us and that we'd let this lender figure things out and more than likely, we knew it would all crash and burn.
And so it did. I get the call from the stuttering lender that "guess what, I just received an email that Option One no longer accepts 100% financing". He then goes into this 'great offer that he only does 1-2 times a year' and that's to buy the home for us (yeah, you creep, because you know you are getting it for $30K less than the homes go for around here--that's why WE wanted this home), but of course "with some sort of a deposit" (not saying how much). I told him our landlord wants us to do that w/o a deposit and he was quick to say then we should do that. NO, I do not think so. He doesn't know our home would be locked in at $325K, when we are only looking to spend $255K. Two years from now, the payments and location of the house are not enough for us to want to buy our 'luxury rental home'.
Is it actually possible for Option One to accept someone 3 wks. ago, then the lender let it fall thru, then to be accepted again yesterday, and then the email that they no longer accept 100% financing!? What is going on? What a joke! The lender said that it doesn't matter if he called them on Mon, we would have had to close by today (which we could have had confirmed 3 wks ago).
So it wasn't meant to be. I definitely feel burned by the whole process now--for sure. Not sure what we'll do next. I hardly have the energy to try again in a few months. And our lease is up in June. I think it's too soon. Even if we get our score up to 620, who knows if in June these companies will be accepting 100% financing. At best, we can try again next year, but I feel so disgusted by the market that why in the hell would I want to spend way more money on the same house. No thanks.
That's our story. Thanks for those who have been replying and providing advice.
Another lender is recommended (friend of the realtor) and up until this morning I thought the guy was a miracle maker. LOL I called him up on MONDAY and said to check back w/ Option One...... (no return call...) It wasn't until yesterday that he contacted them and they again accepted us. I asked the guy, "at 100% financing" and he said "YES!" and "if it was 110% deal" and he said "100%". Sounds pretty solid to me! He told us he was getting the info in, as things could change in the morning. My husband and I thought it could be another joke played on us and that we'd let this lender figure things out and more than likely, we knew it would all crash and burn.
And so it did. I get the call from the stuttering lender that "guess what, I just received an email that Option One no longer accepts 100% financing". He then goes into this 'great offer that he only does 1-2 times a year' and that's to buy the home for us (yeah, you creep, because you know you are getting it for $30K less than the homes go for around here--that's why WE wanted this home), but of course "with some sort of a deposit" (not saying how much). I told him our landlord wants us to do that w/o a deposit and he was quick to say then we should do that. NO, I do not think so. He doesn't know our home would be locked in at $325K, when we are only looking to spend $255K. Two years from now, the payments and location of the house are not enough for us to want to buy our 'luxury rental home'.
Is it actually possible for Option One to accept someone 3 wks. ago, then the lender let it fall thru, then to be accepted again yesterday, and then the email that they no longer accept 100% financing!? What is going on? What a joke! The lender said that it doesn't matter if he called them on Mon, we would have had to close by today (which we could have had confirmed 3 wks ago).
So it wasn't meant to be. I definitely feel burned by the whole process now--for sure. Not sure what we'll do next. I hardly have the energy to try again in a few months. And our lease is up in June. I think it's too soon. Even if we get our score up to 620, who knows if in June these companies will be accepting 100% financing. At best, we can try again next year, but I feel so disgusted by the market that why in the hell would I want to spend way more money on the same house. No thanks.
That's our story. Thanks for those who have been replying and providing advice.
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