New Home

acarr · 04-19-2011, 03:44 PM

Is anybody looking at buying a new home in this market? I live in Arizona and we have probably been hit as hard as anybody. Getting a loan is dang near impossible even with great credit. Let me know your stories.

I started off selling my house in 10 days and was going to use that money for the down payment on another. Well two days before close the buyers didn't qualify. So off to find alternative financing. Scrambling for 4 days to find another loan, my house sold again...hopefully for good this time. It closes on the 28th. The new house we bought closes today and I got in with less than 3% down on a jumbo loan. There is some lending available but it is really a lot of work to come by. I think I am more excited about what cigar I need to pick out than moving into the new house! Actually, I just don't want to move twice in a month

Gophernut · 04-19-2011, 03:55 PM

Quote:

Originally Posted by acarr

I think I am more excited about what cigar I need to pick out than moving into the new house! Actually, I just don't want to move twice in a month

I understand that, there are few things I hate more than moving.

CRIMPS · 04-19-2011, 03:58 PM

If you have credit, and "some" money for a down payment, then you can get a great loan.

Institutions have money and want to loan. Just don't expect to get a 100% loan with no credit.

04-19-2011, 03:44 PM	#1
acarr Have My Own Room Join Date: Oct 2008 Posts: 1,307 Trading: (34)	New Home Is anybody looking at buying a new home in this market? I live in Arizona and we have probably been hit as hard as anybody. Getting a loan is dang near impossible even with great credit. Let me know your stories. I started off selling my house in 10 days and was going to use that money for the down payment on another. Well two days before close the buyers didn't qualify. So off to find alternative financing. Scrambling for 4 days to find another loan, my house sold again...hopefully for good this time. It closes on the 28th. The new house we bought closes today and I got in with less than 3% down on a jumbo loan. There is some lending available but it is really a lot of work to come by. I think I am more excited about what cigar I need to pick out than moving into the new house! Actually, I just don't want to move twice in a month

04-19-2011, 03:58 PM	#3
CRIMPS Benn/Seguin best friends Join Date: Sep 2010 First Name: Zach Location: North Texas Posts: 1,520 Trading: (50)	Re: New Home If you have credit, and "some" money for a down payment, then you can get a great loan. Institutions have money and want to loan. Just don't expect to get a 100% loan with no credit. __________________ I'm a Dallas Stars fan. So, yes, this is a confusing time for me.