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Financing, Mortgages and Insurance What options are best for you and your situation?


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  #11  
Old 2015-04-01, 06:06 PM
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The main issue would be being self-employed. That makes it much more difficult to get any sort of financing unless you can provide 3 years of business fiscal statements. I have a lot of experience with this having my own company.

My advice is for the husband to find another job. It may not help with their closing, however it will help with the next one.

All lenders will give some sort of pre-approval based on your personal finances to give you a budget for what you can afford mortgage wise and then you firm it all up when you are nearing your closing date.

There is a lot to keep track of when involved with new construction.
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  #12  
Old 2015-04-01, 07:47 PM
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Have you aaproached the builder to seek approval to sell the house to someone else?
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  #13  
Old 2015-04-01, 09:24 PM
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Is delayed closing an option? You will have to pay some penalty per day to the builder or as G2K said, an assignment sale??
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  #14  
Old 2015-04-01, 09:42 PM
kevin fresh kevin fresh is offline
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I would think about approaching a real estate company and asking them to take over the purchase it's worth a long shot.
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  #15  
Old 2015-04-02, 09:25 AM
London2Ottawa London2Ottawa is offline
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Is a co signer an option?

I also second the husband getting another job. For some lenders, this may be the difference.
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  #16  
Old 2015-04-02, 10:56 AM
erexa erexa is offline
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Thanks guys for support. I think they will get some extension (with penalty per day as you said from builder) and try to find a job or something during this time. They still have about 2 months to the date and if they can get 2 months or extension and spend 1 month on a job search that will net 3 months on a job, pass probation period so that might help. Not sure. And as you guys suggested the second option will be transfer the home (sell upon acquisition)
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  #17  
Old 2015-04-02, 11:02 AM
foxborough foxborough is offline
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Finding a co-signor is one option worth pursuing. Right now your brother in law is unemployed and this is difficult for mortgage qualification purposes. His decision to start his own business makes it even more difficult as there won't be any income in the foreseeable future.
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  #18  
Old 2015-04-02, 06:24 PM
London2Ottawa London2Ottawa is offline
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Quote:
Originally Posted by erexa View Post
Thanks guys for support. I think they will get some extension (with penalty per day as you said from builder) and try to find a job or something during this time. They still have about 2 months to the date and if they can get 2 months or extension and spend 1 month on a job search that will net 3 months on a job, pass probation period so that might help. Not sure. And as you guys suggested the second option will be transfer the home (sell upon acquisition)
An offer or being in probation period is still better than being unemployed. Have they approached a mortgage broker?
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  #19  
Old 2015-04-24, 10:26 PM
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i don't think they lose the deposit, i was told that the builder holds it in trust for a year and then after that they lose it. Thing is, they would lose whatever lot they originally chose ...so check with the builder and if they have other models/ sites, maybe they could use it toward one of those ..lower priced house then could get financing and then put it up for sale?
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  #20  
Old 2015-06-18, 04:29 PM
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Any update on this as it's past the 2 month mark? Hoping things worked out alright for them.
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