Closing Nov. , 1; Have Financing Quest.
I'm not lender fishing. I just need help
I have two properties under contract. They are both 132,500 each, in aurora co. They are 3bd 1 1/2 bath on slab foundation. They were both appraised at 152K in 8/02, and that is what the tax assement have the valued at. Current market would sell for 165,000. Both houses only require cosmetic fixing, 5k of work. My problem is the financing. I'm not sure if the broker is being honest with me...My credit score is 574; and I don't have 5 or 10% to put down. 1 loan is for oo and the other n.o., He's delayed in calling title company, and told me that he expects to hear something from lender in 48 hrs. We are scheduled to close on Monday, and I'm still unsure of financing.. He was so sure, 1 1/2 months ago, no prob I can get this done.
I borrowed the money from my parents to put earnest money down 1,000 per house. Now I just want out, if financing not going to happen.
Will I hope that you did leave a clause saying contingent of financing. Its just good pratice in my opion to have as many excape clauses as possable.
[addsig]
From a lender..Are you employed W-2? Do you have an existing clean mortgage history? Do you have any assets? Do you have existing clean tyrade lines?