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/u/Loud_Connection3283
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Some background:
I've lived in and worked in Sweden 2020-2022, my wife is Swedish and we are working on her Visa here in the states. We have a Swedish mortgage. Before Sweden it was a lot of traveling and working in Australia and EU. I've worked as contractor in US 2023-present and I make $85k/year.
Shortest version:
We found a house in Decatur, Georgia and I offered full asking price $199,900. Due to my history abroad, my self employment, and not having much tax/credit history in the states, the mortgage brokers have told me I won't qualify for FHA. Cool. Lets throw cash at it! The first broker said she could get me in a house with 10-15% down. That was early November and dissolved late November, after all sorts of gymnastics including getting screwed for a letter from a CPA.
Onto a new broker & CPA. Broker sells me on a 10-15% down lending program, which he was CONFIDENT I could get. More gymnastics, then I get an email from his office requesting 20% down... I call his office like WTF are you talking about. He says it's all good we're going with a 15% down program and closing on Jan 10th. So after his reassurance, I keep up the gymnastics, getting documents translated and converted to english/USD by an official service as well as getting letters from a CPA(new CPA after the last one went rogue). I have $45k for the deal and that includes reserves. Well this morning he calls and says we are on track for a closing this Friday and Im doing GREAT! So an hour later as Im about to wire my $25k down payment, he calls... He says the appraisal (which was done two weeks ago) claims the market is declining in the neighborhood and I will now need 20% down. He goes on about some other options that might get us back to 15% down.
I'm a couple grand in this deal, and I feel like this broker never had a 10-15% down program for me. Seems like he sold some warped version of the truth to get my business. Im a first time buyer in the states and I don't know what to think. If you have any insight I'd appreciate it.
submitted by /u/Loud_Connection3283
[link] [comments]
Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again.
Continue reading...
I've lived in and worked in Sweden 2020-2022, my wife is Swedish and we are working on her Visa here in the states. We have a Swedish mortgage. Before Sweden it was a lot of traveling and working in Australia and EU. I've worked as contractor in US 2023-present and I make $85k/year.
Shortest version:
We found a house in Decatur, Georgia and I offered full asking price $199,900. Due to my history abroad, my self employment, and not having much tax/credit history in the states, the mortgage brokers have told me I won't qualify for FHA. Cool. Lets throw cash at it! The first broker said she could get me in a house with 10-15% down. That was early November and dissolved late November, after all sorts of gymnastics including getting screwed for a letter from a CPA.
Onto a new broker & CPA. Broker sells me on a 10-15% down lending program, which he was CONFIDENT I could get. More gymnastics, then I get an email from his office requesting 20% down... I call his office like WTF are you talking about. He says it's all good we're going with a 15% down program and closing on Jan 10th. So after his reassurance, I keep up the gymnastics, getting documents translated and converted to english/USD by an official service as well as getting letters from a CPA(new CPA after the last one went rogue). I have $45k for the deal and that includes reserves. Well this morning he calls and says we are on track for a closing this Friday and Im doing GREAT! So an hour later as Im about to wire my $25k down payment, he calls... He says the appraisal (which was done two weeks ago) claims the market is declining in the neighborhood and I will now need 20% down. He goes on about some other options that might get us back to 15% down.
I'm a couple grand in this deal, and I feel like this broker never had a 10-15% down program for me. Seems like he sold some warped version of the truth to get my business. Im a first time buyer in the states and I don't know what to think. If you have any insight I'd appreciate it.
submitted by /u/Loud_Connection3283
[link] [comments]
Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again.
Continue reading...