>buying a house >by which I mean fighting tooth and nail for one for over a year now >bank approves loan for between $250,000 and $400,000 >find a house for $199,000 >make an offer >owner accepts >try to put down 20% payment >down payment has to be 33% because of some shit with credit history not showing up or something >okay fine whatever >sign contract >house is appraised >everything's good to go >inspection happens >all negotiations done >fast-forward a month >closing is this Friday >wife gets a call from the bank >something's wrong >despite having income that's nearly triple the monthly payment, the down payment somehow isn't enough >lender says we have no credit score (we do) >this is despite plenty of past bank transactions with checks, debit, and shit like that) >bank is now demanding 50% down in addition to closing costs and money leftover to cover the first several months of payments.
How is this legal? We've been saving up for years just to get this far, and inflation is quickly outstripping the progress we've made. I don't know what to do.
Bank goons could walk into your shitty apartment, rape your wife, beat the shit out of you and you'd be assassinated if you even attempted to take them to court (which wouldn't side with you anyway.) You're a worm, you don't get to own property.
Asher Hill
>apartment I fucking wish.
Matthew Sanchez
The bank will only write you a loan if they think they can pawn that loan off to some other investor for the longest time that was the FED, but now the music has stopped and no one wants to buy an MBS.
Keep your cash, live out of your car, and buy back in in somewhere around 3-10 years.
James Turner
Checks and debit do not build credit.
Mason Hill
I can't do this for ANOTHER 3 years, man. And the rental scene is even more bleak. At least with the house, we were able to get in the front door. Landlords just say to fuck off or fill out an application unless you have 0 pets, a credit score of 837, and a monthly income of $12,000 before taxes.
Except I DO have a credit score, as I said. Or at least, I have the kind you can check online. But that one doesn't count for houses. Who fucking made this system?
Yeah yeah, I know (((who))) made it, but you get what I mean. This is ridiculous.
Ethan Rivera
first house?
Lucas Russell
That's the truly bizarre thing: it's NOT.
Caleb Cooper
I don't understand, did you not have a contract? Is the bank not breaching said contract?
If you are in love with the place, get an outside loan for a bit to make the difference, in a few months use your equity to find a better loan/pay off that downpayment increase.
Michael Clark
>How is this legal? We've been saving up for years just to get this far, and inflation is quickly outstripping the progress we've made. I don't know what to do.
Call a lawyer, might be the best $300 consult you can get. Have them look over the contract.
Brayden Williams
what? youre an idiot. The contract is between the buyer and seller, and is contingent on the bank extending financing. The bank has NO obligation whatsoever to extend financing.
Austin Wilson
yuropoor here, why not take credit with another bank?
Austin Perez
I have lenders falling over themselves to lend me money the second I show any interest at all. OP just sucks. t. high income, perfect credit
Isaac Gray
save my fren, the crash will make things super fucking cheap. just sit tight and wait.
Jace Barnes
If you can work remote, just move to Europe and buy a 4 bedroom house with a garden for $60k.
Bentley Brown
40% done with my real estate training, your income either isnt stable enough for the bank or your shit credit history shows that you may be unreliable for paying back the mortgage.
Kevin Gomez
Funny enough I got my 4 bed 2 bath at height of covid for 245k at 2.5% rate with 3% down going through the builder directly.
Dylan Johnson
you have to disclose this when you start a mortgage application you're not supposed to take additional credit in order to be able to qualify for a mortgage
