Problems with first time home purchase and The Bank! What to do?Short and sweet. Home is a flip. Seller is owner/agent and we have agent as well. Started purchase of home with BoA on 05/23/09. We were pre-approved. They offered us a TAMI loan with 5% down. We locked in our rate on 05/29/09. We were supposed to close on 06/30/09. Our agent called us on 06/29/09 and said... | |
I just bought a short sale and the same thing sort of happened to me. I had to close in May because of new rules in June. I was working with Wells Fargo.
If I were you, and you could get the 10% down, and the house is a great deal, go for it. If you don't have the money, or you think you're not going to be able to flip it, then just wait. There are going to be tons of more properties when all the Option and ARMs reset in a few months.
It always was 10% down plus paying for the PMI insurance. Only FHA or VA mortgages are allowed less. Most lenders require 20% down. You have no recourse because you failed to inform lender from the start that the house was a flip.
