One would think with the state of the market in some areas, that many lenders would be falling over themselves to get some of the best buyers to buy homes right now. Well, it seems that may not be the case.
Lenders have really tightened up the purse strings and are becoming even more difficult to deal with.
Case in point, I have been working witgh this ame buyer for 5 years. he has purchased many homes thru me and intends to sell them thru me when he is ready. He has a creidt score over 750, has a great income and almost 20% down. We have been in escrow with a home that has appraised for more than the asking price and yet, one of the biggest lenders in the U.S. denied the loan! I have yet to get an answer as to why.
Now the sellers are in a panic and the ecrow should have closed a month ago! We have sent the packet to 2 other lenders and so far they are dragging their feet. our county doesn;t have too many comps in a 1/4 mile radius and they seem to think they should treat our area the same as the large cities!
whew! i am so glad for the "Rain because I can vent here and everyone here will understand my pain!
The only sure money right now is the government backed loans I have had great luck with them.
Justin Thayer
Hi John,
It's o.k. to vent here, you know that because you're among friends in the Rain. Yet the way I see it, when one door closes I just pound on another. So far, I haven't had any big issues at all, yet I'm hearing about them all around me.
And we all know the lenders are having it rough right now themselves.
i just had a lender almost kill a deal. it was totally his fault and my buyer has an 800+ credit score!
Not killing, just a little more of a challenge than last year...
Your Friend in Charlottesville Virginia!