Posted by Lyal on June 29, 2003 at 12:52:34:
Your buyer has screwed up his chance to qualify under the present program. So have your broker find another program. That’s what you pay him for.
You can use Michaela’s answer but the money still has to come from somewhere.
There are a ton of “gift” and no / minimal money down programs out there. Tell your broker to start beating the bushes.
Lyal
LENDER wants dwnpymnt $$ to be Buyers not-GRANT - Posted by James
Posted by James on June 29, 2003 at 07:00:11:
No gifts allowed. No grant allowed. It must be their money or a blood relative only.
They don’t have the money and the mortgage broker sugested that I just give it to them in cash. THAT I won’t do.
How can they earn, or get the money in the next 3 weeks?
James
Money making ideas article - Posted by MicheleCO
Posted by MicheleCO on June 30, 2003 at 01:53:43:
There is an article in the money making ideas section by Steve Cook I think. He talks about some creative ways to grant your buyer the down and still be within the terms the lender wants. Michele
Find a different lender - Posted by Nate(DC)
Posted by Nate(DC) on June 29, 2003 at 09:17:28:
There are some out there that accept grant programs. In fact, there are some, like FHA, that will accept almost anyone who can fog a mirror. Why doesn’t the broker find one? That’s his job.
NT
Re: LENDER wants dwnpymnt $$ - Posted by michaela-ATL
Posted by michaela-ATL on June 29, 2003 at 08:25:53:
What, if a cousin of theirs came forward and offered the cash? What if the cousin actually happened to be a good friend of yours? Coincidences like that do happen.
michaela
Re: LENDER wants dwnpymnt $$ to be Buyers - Posted by Lyal
Posted by Lyal on June 29, 2003 at 07:53:45:
James,
Tell your broker the terms are unacceptable. It’s his job to find another source. Why such a short time line? I’d be talking to the seller and explain about the financing snafu (it’s the BROKER’S fault of course) and float the idea of extending.
Lyal
Re: Money making ideas article - Posted by Travis (Dallas)
Posted by Travis (Dallas) on June 30, 2003 at 07:34:49:
Change to a lender that deals with grants. Call/email the companies you are using for grants to get a list of lenders.
Good luck,
Travis
Re: Find a different lender-WRONG ANSWER - Posted by James
Posted by James on June 29, 2003 at 09:54:35:
But thanks anyway. The Buyer is approved under a specific program that requires they have theirown funds. He had it and spent it. So the problem exists.
HELP?
Re: Not necessarily the WRONG ANSWER - Posted by Nate(DC)
Posted by Nate(DC) on June 29, 2003 at 20:35:14:
That doesn’t mean there is no other mortgage program in the universe for which the buyer will qualify. If you had a GOOD mortgage broker, he would look around and find something else.
Not to mention that the buyer is a dumb*** and if a buyer did that to me (spent the money they knew they had to use to buy the house) the transaction would be over at that point…
NT