Getting out of a builders contract

[limpy]

What is the name of your state? MD

Ok.. About 45 day ago I went and signed for a house. My wife did not sign for it. (I hear that doesnt matter but now you know) I gave them a 10K check for the deposit. Since than I have been having trouble getting a loan for that amount. In the contract is says that if I am not able to get a loan that the contract can be canceled. Well I have gone to 3 banks and all of them have denied me. My debt to income ratio would be 59-61%. The builders loan company is the only one that will finance me. He is saying that I would have to do a 80%- 10 year interest only with a 30 year fixed. Other banks I have talked to have told me that this is a suckers deal. At this point I feel that our best bet is to get out of the contract. What is the best way to do that or can I?
PS. I have not done anything else with this townhouse. No color selection or anything else like that. I have just signed the contract that was it.

PSS. Since my wife is not on the contract is it possible that I will only have to buy the house myself?

[pojo2]

>>The builders loan company is the only one that will finance me.<<

Then you can get financing, now an out MIGHT be if you placed limits on the interest you would be willing to play and they are charging higher.

But I can not see your complete contract so this is all just guessing.

[limpy]

Does that seem weird or out of place. I have been denied with 3 other banks and the loan that this guy wants to give me is a suckers deal??? Also does it matter if my wife was not on the loan papers? Can she be liable for the townhouse?

[Ciarraine]

Originally Posted by limpy

Does that seem weird or out of place. I have been denied with 3 other banks and the loan that this guy wants to give me is a suckers deal??? Also does it matter if my wife was not on the loan papers? Can she be liable for the townhouse?

Not weird, no. Next time you buy something, line the financing up first.

[limpy]

We were really not worried about that since both of us have perfect credit and we have never been deined for anything.

[HomeGuru]

Originally Posted by limpy

What is the name of your state? MD

Ok.. About 45 day ago I went and signed for a house. My wife did not sign for it. (I hear that doesnt matter but now you know) I gave them a 10K check for the deposit. Since than I have been having trouble getting a loan for that amount. In the contract is says that if I am not able to get a loan that the contract can be canceled. Well I have gone to 3 banks and all of them have denied me. My debt to income ratio would be 59-61%. The builders loan company is the only one that will finance me. He is saying that I would have to do a 80%- 10 year interest only with a 30 year fixed. Other banks I have talked to have told me that this is a suckers deal. At this point I feel that our best bet is to get out of the contract. What is the best way to do that or can I?
PS. I have not done anything else with this townhouse. No color selection or anything else like that. I have just signed the contract that was it.

PSS. Since my wife is not on the contract is it possible that I will only have to buy the house myself?

**A: yes**************......