- Jul 26, 2002
- 11,757
- 0
- 71
***Update****
So the story has become much more interesting..... and frustrating. I reached out to my original lender and had her take a look at everything for me. She gave me a GFE for a conventional loan and the costs were lower and they were prepaying PMI. But, here's the best part, she said we qualify for USDA. I'm like, wtf? So I asked her to double check, we sent in all our pay stubs etc... and they say we qualify for USDA. I told her I needed them to be 100% certain. I convinced her to have her underwriter call me and according to the way its supposed to be calculated (according to her) we qualify. And we EASILY qualify. It's not this $200 over or $100 under.
So now I'm having my realtor check with fannie mae (seller of the home) and see if we can get a 30 day extension on our closing date. USDA loans apparently take 60 days to get done.
The thing is, can I trust them? Why are 2 mortgage companies giving me two completely different answers here? I've tried calling to USDA directly, but can't get anyone on the phone to get a straight answer. I don't really know what to do at this point, but I'm really aggravated that this process is so ridiculous.
Alright, I've had a rough week. I'm going to rant like a mofo for a minute here. This is a good old fashioned rant too, one where spelling mistakes are expected...
/begin rant
The wife and I are buying a house. We are also selling ours. It's been a long process. We finally decided we are going to do a USDA loan. We sent our info to a mortgage banker, they preapproved us and said everything would be good. We find a house, make an offer, do all the fun stuff. 3 weeks ago (about 7 weeks prior to scheduled closing) I am supposed to order an appraisal. But the mortgage guy had hinted that we might be over the income qualifications for our mortgage. So I tell him Im not doing the appraisal until I get an approval on the mortgage, I dont want to waste my money.
We talk everyday for the next 3 weeks, he keeps telling me he'll have an answer tomorrow... over and over. I get no answer and no concrete information. We keep going back and forth. I find out I'm over the income qualification, but the calculated my income wrong. I correct their math and tell them what they do wrong, ok great. We are good. But wait, my wife is on my health insurance. Since she is on my her stupid F'n employer pays her 100 bucks a month as a stipend. Well guess fucking what. That just put us right over the income limitations again. I FINALLY find out today that we don't qualify, we are over by a motherfucking $300 dollars a year. mY wife just got a promotion too. Fuck us right?!? So now I'm scrambling, trying to figure out how the hell I can get her off my insurance, so she can get on her own and the employer stops paying her that fucking money.
I don't think there's a way. I think we are screwed. Not entirely, we can do a conventional mortgage, put more money down and pay PMI. This will literally cost us an extra $2500 a year though, because of the wasted money with PMI. USDA loans don't require PMI. So because I we make $300 too much, we have to spend an additional $2500 a year. Fucking great.
There is one option. Maybe. I can divorce my wife. That counts as a life changing event so I can boot her ass off my insurance and it will allow her ot register for insurance through her employer immediately, which brings us under the income and then we can buy our house!! After we buy our house I think I'll marry her again.
This just F'n sucks. AGHAGHLEIAHGEOAHGOEGHAOGEAGUIEIOA;LHL
So the story has become much more interesting..... and frustrating. I reached out to my original lender and had her take a look at everything for me. She gave me a GFE for a conventional loan and the costs were lower and they were prepaying PMI. But, here's the best part, she said we qualify for USDA. I'm like, wtf? So I asked her to double check, we sent in all our pay stubs etc... and they say we qualify for USDA. I told her I needed them to be 100% certain. I convinced her to have her underwriter call me and according to the way its supposed to be calculated (according to her) we qualify. And we EASILY qualify. It's not this $200 over or $100 under.
So now I'm having my realtor check with fannie mae (seller of the home) and see if we can get a 30 day extension on our closing date. USDA loans apparently take 60 days to get done.
The thing is, can I trust them? Why are 2 mortgage companies giving me two completely different answers here? I've tried calling to USDA directly, but can't get anyone on the phone to get a straight answer. I don't really know what to do at this point, but I'm really aggravated that this process is so ridiculous.
Alright, I've had a rough week. I'm going to rant like a mofo for a minute here. This is a good old fashioned rant too, one where spelling mistakes are expected...
/begin rant
The wife and I are buying a house. We are also selling ours. It's been a long process. We finally decided we are going to do a USDA loan. We sent our info to a mortgage banker, they preapproved us and said everything would be good. We find a house, make an offer, do all the fun stuff. 3 weeks ago (about 7 weeks prior to scheduled closing) I am supposed to order an appraisal. But the mortgage guy had hinted that we might be over the income qualifications for our mortgage. So I tell him Im not doing the appraisal until I get an approval on the mortgage, I dont want to waste my money.
We talk everyday for the next 3 weeks, he keeps telling me he'll have an answer tomorrow... over and over. I get no answer and no concrete information. We keep going back and forth. I find out I'm over the income qualification, but the calculated my income wrong. I correct their math and tell them what they do wrong, ok great. We are good. But wait, my wife is on my health insurance. Since she is on my her stupid F'n employer pays her 100 bucks a month as a stipend. Well guess fucking what. That just put us right over the income limitations again. I FINALLY find out today that we don't qualify, we are over by a motherfucking $300 dollars a year. mY wife just got a promotion too. Fuck us right?!? So now I'm scrambling, trying to figure out how the hell I can get her off my insurance, so she can get on her own and the employer stops paying her that fucking money.
I don't think there's a way. I think we are screwed. Not entirely, we can do a conventional mortgage, put more money down and pay PMI. This will literally cost us an extra $2500 a year though, because of the wasted money with PMI. USDA loans don't require PMI. So because I we make $300 too much, we have to spend an additional $2500 a year. Fucking great.
There is one option. Maybe. I can divorce my wife. That counts as a life changing event so I can boot her ass off my insurance and it will allow her ot register for insurance through her employer immediately, which brings us under the income and then we can buy our house!! After we buy our house I think I'll marry her again.
This just F'n sucks. AGHAGHLEIAHGEOAHGOEGHAOGEAGUIEIOA;LHL
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