Back in June and July - when I was pulling out my hair trying to get some financing lined up....you know...after my original lender decided they couldn't do the construction loan we were supposedly pre-approved for back in March, since it was (according to her) 80 miles outside of their construction loan radius.....when she told me well, they had approved me for a loan, so I wouldn't have a problem finding one from another lender?
Ya, all that nightmare. After everyone kept denying me a conventional loan, saying we had to be 7 years past our bankruptcy and not 4, she finally ran it thru her underwriter, got it manually underwritten and all approved - but she said with min. 20% down. Just before that I had contacted a broker in new area and was at least able to get approved for an FHA loan.
But, we couldn't find a house we wanted to buy over there in the past 6 weeks (since we got that second offer mid July). So, we decided to go with our plan of paying cash for the land from our proceeds, waiting to build, and buying the smaller house in town with an low-down FHA loan with the rest of our proceeds.
Today I get an email from that original lender. Not sure why she thought we were still going with her at some point. I had told her at the end of July we didn't have 20% down and buy the property (I couldn't find a land loan). She wants to know how the house hunt is going. So I explained to her our second sale fell through 2 weeks ago, we ended up getting a new offer right away, so are still sticking with our plan on using the FHA loan that we were approved for by the other lender and paying cash for land.
She replies that she could have done me a 5% conventional loan and she should have been given the chance........
OMG! I just sweetly bit my tongue and told her I had already (which was true) gotten approved for an FHA loan, before she finally got me the conventional loan approved (at 20% down required) and so, while I'm aware of the extra costs of an FHA loan, this is what is fitting with what we can do right now and it's all in the works and almost done. That I appreciated her getting the conventional loan figured out and approved and if we had been able to find a house to buy (rather than buy the land and the small house) we would have went with her loan to finance it, but since we only had a month to look for something and we couldn't find anything that fit our needs, we decided to buy the land, build in a couple of years, and buy the small house.
What I really wanted to say was you F'd this all up for me from day one! I've been through hell the past 3 months trying to get some kind of financing approved, because you somehow were not aware that I wanted a construction loan! (emails about making offer on land, emails about what the construction loan process involves, emails that we would soon have our builder specs and plans to her, etc). I'm not even interested in emailing her anymore about this. She's sent me 2 more emails. You lost out lady. I'm not going to change lenders at this point! We are 3 weeks away from closing, I've already spent the money for the inspection and appraisal. Not starting over, especially with her.
I did tell her that with the exception of our realtor in new area (he has been great) everyone we have been involved with in this whole selling/buying/financing process has pretty much been a nightmare. Hopefully she got the hint she was #1 on the list.....well, she might be in a tie with the agent we had trying to sell our house for 4 months.