What is the name of your state?Illinois
I am wondering if anyone else has come accross this. I am buying my first house (condo actually). I am getting a 7k grant from the government. Which I didnt even know exisited, but the bank told me about it. Great! I got pre-qualifiied for the mortgage. But i wanted to be approved for sure before doing anything. So I waited, and waited for the approval to come through.
It finally did. yay! and to make things better my bank switched the program I signed up for.. now they were also giving me another 3k down and a lower rate.
I decided on the condo with those figures in my mind. Signed on the contract. Made my bid, and got the condo that night. The seller really needs to get a bigger place fast as her other teenager daughter wants to move in. I paid for a home inspection, as was part of the agreement for the grant money. the only "problem" was a leak in a faucet.
I even finally gave in to the seller pleading for a earlier closing date, therefore making me pay more money.
Today I called the bank about another potential problem with the government grant, and she assured me it was fine. So i thought all the hiccups were out of the way. But it was then the bank informed me there was yet another problem.. The new program they moved me into (with the 3k and lower rate) was a new program and had kinks they need to work out. And one of them is they dont think I can have that program with the government grant I am getting.
So now what? I did contact the real estate attorney, but I am crawling out of my skin wondering whats going to happen, and am I going to be paying a lot more then I had budgeted for.
Has anyone else ever come across the bank taking money away from you right before the closing therefore paying higher mortgage and interest?
I am wondering if anyone else has come accross this. I am buying my first house (condo actually). I am getting a 7k grant from the government. Which I didnt even know exisited, but the bank told me about it. Great! I got pre-qualifiied for the mortgage. But i wanted to be approved for sure before doing anything. So I waited, and waited for the approval to come through.
It finally did. yay! and to make things better my bank switched the program I signed up for.. now they were also giving me another 3k down and a lower rate.
I decided on the condo with those figures in my mind. Signed on the contract. Made my bid, and got the condo that night. The seller really needs to get a bigger place fast as her other teenager daughter wants to move in. I paid for a home inspection, as was part of the agreement for the grant money. the only "problem" was a leak in a faucet.
I even finally gave in to the seller pleading for a earlier closing date, therefore making me pay more money.
Today I called the bank about another potential problem with the government grant, and she assured me it was fine. So i thought all the hiccups were out of the way. But it was then the bank informed me there was yet another problem.. The new program they moved me into (with the 3k and lower rate) was a new program and had kinks they need to work out. And one of them is they dont think I can have that program with the government grant I am getting.
So now what? I did contact the real estate attorney, but I am crawling out of my skin wondering whats going to happen, and am I going to be paying a lot more then I had budgeted for.
Has anyone else ever come across the bank taking money away from you right before the closing therefore paying higher mortgage and interest?