So my wife and I found a house, had it inspected, were ready to put down 15%, have a signed offer, etc.
The house is on a private road so it isn't plowed. Our only neighbor on the street (2 houses, small side street) has a plow and says he plows it, so we figured it's a non issue.
Our credit is great (both over 740) and we would be approved, but due to this snow plowing issue our lender who we met with this morning just called and said noone will give us PMI because of the plowing issue. We can't come up with an extra 5% in days, so currently it looks like we are out a house.
Anyone experienced enough to know if I should pursue other venues here, or just give up on the house? Thanks
Wait, they won't give you a lone for the house because of an issue that neither they nor you really has any control over? Will they increase your loan by $2000 to buy a Garden Tractor with snowblower attachment?
It might be worthwhile talking to another lender. "no one" typically means "me and the two people I talked with" when it comes to particular banks. Have you brought this up with your realtor?
So my wife and I found a house, had it inspected, were ready to put down 15%, have a signed offer, etc.
The house is on a private road so it isn't plowed. Our only neighbor on the street (2 houses, small side street) has a plow and says he plows it, so we figured it's a non issue.
Our credit is great (both over 740) and we would be approved, but due to this snow plowing issue our lender who we met with this morning just called and said noone will give us PMI because of the plowing issue. We can't come up with an extra 5% in days, so currently it looks like we are out a house.
Anyone experienced enough to know if I should pursue other venues here, or just give up on the house? Thanks
Wait, they won't give you a lone for the house because of an issue that neither they nor you really has any control over? Will they increase your loan by $2000 to buy a Garden Tractor with snowblower attachment?
Makes no sense to me either o_O
Sounds about right (i.e. jacked up) from what I went through. Banks now, (rather their underwriters) are looking for any reason to say no to a loan. We had to go through 3 or 4 different hoops to finally get our loan even though our credit scores were above 760. You'll probably have to talk with them back and forth to try and work something out. Maybe bring up the idea that Ruckus suggested.
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Wait, they won't give you a lone for the house because of an issue that neither they nor you really has any control over? Will they increase your loan by $2000 to buy a Garden Tractor with snowblower attachment?
Sounds about right (i.e. jacked up) from what I went through. Banks now, (rather their underwriters) are looking for any reason to say no to a loan. We had to go through 3 or 4 different hoops to finally get our loan even though our credit scores were above 760. You'll probably have to talk with them back and forth to try and work something out. Maybe bring up the idea that Ruckus suggested.