question about mortgage practice laws in NV

[marianit87]

What is the name of your state?nevada

I am a first-time home buyer purchasing a home in las vegas, but currently reside in michigan. is there a law prohibiting lenders to be associated with the builders? i ask because i am being strong armed into using the lender that is a subsidiary of the builder in order to receive the true dollar down va. they refuse to offer that to my husband and i ( a veteran), if we use the mortgage loan we have already been pre-approved and have set and ready. is this illegal and can i pursue any legal action to get my closing costs money back after purchase?

 

[HomeGuru]

What is the name of your state?nevada

I am a first-time home buyer purchasing a home in las vegas, but currently reside in michigan. is there a law prohibiting lenders to be associated with the builders? i ask because i am being strong armed into using the lender that is a subsidiary of the builder in order to receive the true dollar down va. they refuse to offer that to my husband and i ( a veteran), if we use the mortgage loan we have already been pre-approved and have set and ready. is this illegal and can i pursue any legal action to get my closing costs money back after purchase?

**A: it is legal. Many builders/developers have interests in not only their entity but also the real estate company, property management company, mortgage brokerage company etc. such that when a home closes they are getting monies from numerous profit centers.
If you contract did not allowed you to use your own lender to obtain your own financing, then you would be allowed to do so per the contract.