Scared

[longsally111]

What is the name of your state? South Carolina

ok, we found our dream home, got pre approved. Told the lender we wanted to do 100% financing and roll in closing costs if possible. He told us we were pre approved and that everything was ok. We signed a contract on a home for 237,000.00. I called the mortgage guy this am after he got the contract and he said he would look at loan programs and call me with different senarios. Then realtor calls and tells me that you can no longer roll in all closing costs, that we will need about 3000.00 for the closing. I told her no problem, if we need it, we will have it. Then hubby calls and tells me that now, the only conventional loan programs they have do 95 or 98% but not 100%. I am hoping this is untrue or we are in BIG trouble!!!!!!! Can anyone tell me about conventional loans and what they require? The mortgage guy did pull our credit to pre approve us so there is no problem there.

 

[VeronicaLodge]

see if you can get two loans, one for 80 % of the loan (typical mortgage loan) and one for 20% (would probably be an equity line of credit or something). then see if you can redo the contract for the house at a slightly higher amount like 240,000 but with seller paying your closing costs. however, the house would have to appraise for that much.

 

[longsally111]

thanks for the advice. We found out today that we are approved for 100% financing. You just need to have a high enough credit score. The broker also told us that we CAN roll in closing costs with no problem!!!!! That was just the agent talking out of turn!!!!!

 

[VeronicaLodge]

great, good luck with the new home.