Posted by JJ on September 22, 2003 at 20:41:13:
Your RE agent just don’t know how to do this loan and or have the resources to do it. It can be done and closed very fast–if appraisal and Title are already done. For this, worst case scenerio would be a 90 or 95% LTV but 100% LTV is possible.
loan falling through - Posted by Chip
Posted by Chip on September 22, 2003 at 17:56:29:
I am buying a property in AZ. The RE agent told me I would have no problem getting a loan with my FICO score of 771. So I paid my earnest money and went ahead with the deal. Now he says they are having difficulties get my loan approved (the loan was supposed to be through the same company as the RE agent). The reasons are that I don’t have a mortgage history and my income is in Japanese yen (I live in Japan.) I told him he knew these things before, and he claims that the lender changed the rules.
So now I have to try to find financing from an outside lender. He said he gave my info to someone else to try to get me a loan. Obviously, the RE agent wants the deal to go through so he can get his commission.
Any advice would be greatly appreciated.