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Update on dream house

January 21st, 2007 at 10:00 pm

Ok so I find out we cant get a loan for 6 months because our credit says foreclosure paid in full.It didnt go into foreclosure but since it was sent to there dept it was put on our credit it was sold before the process started.
The house has to be sold by the 30th or 1st.So the bank guy says apply for a non conforming loan at 8% then reapply for a fha in a yearare so.The good thing about nonconforming loans is no PMI.Which I would have to have with FHA loan.So the loans would probably be the same. Ill run the numbers tonight still even if approved it will be hard to make the deadline.Assuming of course the house hasnt sold .Ive been to scared to look on the mls.Even if its on the mls it might be sold alot of realtors leave houses that have sold to get leeds.Normally I wouldnt go for a 8% loan but this house has so much built in equity I think it would be worth it.
It appraised a year ago for 295,000. & it wasnt even complete.However I have learned not to get emotional about it.
we'll see.

1 Responses to “Update on dream house”

  1. LuxLiving Says:

    Good luck!

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