Connecticut
my husband and I got approval for a mortgage through a mortgage broker in Oct. For a no money down loan. We are self employed. We lease to one company 3 years now, so it is easy to get our work history. we provided employment history.employment references, Bank statements. 2 years worth of taxes and 1099's. 20% of the loan was going into a higher rate mortgage for 2 years to offset the no money down. Is this normal?
found a house we liked and made an offer in Nov. Asked for 3000.00 back from seller to cover the estimated by broker 1500. to 2000.00 costs, at closing. put down 500.00 deposit.Offer accepted, broker says everything is fine, going along. House appraises fine. inspection fine both of which we paid out of pocket. broker tells us what our mortgage payment will be. closing set for dec 21st. 2 weeks ago, we are told we are now to bring 4,000.00 dollars to closing. is this normal?
now 4 days before closing.lawyer for bank calls the real estate agent to make appointment for closing, but the broker calls saying though the "little" people at the mortgage company loved our app, the main office now wants 5,000.00 down on the loan,and wants to re-review all our information, because we are self employed. is this normal?
the sellers have asked to put off the closing till dec 27, fine at this point. We cannot get a straight answer as to whether we have a loan or not! as of the 1st of the year we are homeless if we dont get this house. And what about what this is doing to the sellers.
should we find someone else to finance us or is this normal.
Thank you for any insight, so that i have a better idea of how to properly deal with this.
my husband and I got approval for a mortgage through a mortgage broker in Oct. For a no money down loan. We are self employed. We lease to one company 3 years now, so it is easy to get our work history. we provided employment history.employment references, Bank statements. 2 years worth of taxes and 1099's. 20% of the loan was going into a higher rate mortgage for 2 years to offset the no money down. Is this normal?
found a house we liked and made an offer in Nov. Asked for 3000.00 back from seller to cover the estimated by broker 1500. to 2000.00 costs, at closing. put down 500.00 deposit.Offer accepted, broker says everything is fine, going along. House appraises fine. inspection fine both of which we paid out of pocket. broker tells us what our mortgage payment will be. closing set for dec 21st. 2 weeks ago, we are told we are now to bring 4,000.00 dollars to closing. is this normal?
now 4 days before closing.lawyer for bank calls the real estate agent to make appointment for closing, but the broker calls saying though the "little" people at the mortgage company loved our app, the main office now wants 5,000.00 down on the loan,and wants to re-review all our information, because we are self employed. is this normal?
the sellers have asked to put off the closing till dec 27, fine at this point. We cannot get a straight answer as to whether we have a loan or not! as of the 1st of the year we are homeless if we dont get this house. And what about what this is doing to the sellers.
should we find someone else to finance us or is this normal.
Thank you for any insight, so that i have a better idea of how to properly deal with this.
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