Edit: if anybody needs to have a look at the disclosures
Right here’s the unique FHA mortgage disclosure — https://www.scribd.com/doc/491517485/FHA-loan?secret_password=VsEvetbo2NWSQkCu00D2 Right here’s the brand new typical mortgage disclosure — https://www.scribd.com/doc/491531050/Redisclosure-Bundle?secret_password=CKcXhSFClvtfFuFOkmKh
My spouse and I are shopping for a home and we determined to go along with rocket mortgage as a lender as a result of they supplied us an insane deal. We’ve been coping with them for about two months now and it has been nothing in need of agonizing.
I at the moment personal a townhome that I didn’t need to promote earlier than transferring ahead on shopping for a brand new home. I wished to get to a degree within the course of of shopping for the brand new house the place I felt comfy that the mortgage wouldn’t fall via, leaving my spouse, new child and I homeless.
Rocket Mortgage supplied me an FHA mortgage with a price of two.25 p.c. We locked that price in on November 30. We despatched all of them the paperwork they requested for. Everybody I spoke with stated the paperwork regarded nice and there could be no issues with the mortgage.
After about three weeks, I felt assured within the mortgage and I put my townhouse available on the market. It offered in like three days. We have been very completely satisfied. We’re going to make a pleasant revenue on the sale.
Quick ahead to New Years Eve. I get a name from Rocket Mortgage “government resolutions specialist”. Seems they forgot so as to add within the HOA charge when calculating our debt to revenue ratio, and we missed the DTI by like $70. They inform me I can both provide you with 12k extra for closing or repay my spouse’s automobile, which might price about the identical. WTF. I have a look at the paperwork once more and it seems they miscalculated my spouse’s revenue. By quite a bit. We get that straightened out and we’re again on monitor.
Closing was scheduled for January 9. Two days earlier than closing, they name me and ask me if I can confirm the beginning date at my present job. I used to be employed June 1 however didn’t begin till June 8. On the applying for the mortgage, I put June 1. I’ve a niche in my work historical past over the last two years, so FHA rules say I’ve to be in my present job for six months to qualify. After they utilized for the FHA case quantity they waited till actually six months to the day from June 1.
Effectively, the underwriter denied the mortgage as a result of I hadn’t technically been working at my present job for six months after they filed the FHA utility. I requested them if they’ll simply re-apply for FHA as a result of it has been six months now. They are saying they’ll’t as a result of that will be “manipulating the system.”
Now we’ve needed to ask the sellers to maneuver again closing twice. It’s too late to change to a unique lender. They’ve supplied us a traditional mortgage, however we now have to have my spouse’s mother and father co-sign with us, which has been one other whole nightmare gathering extra paperwork.
However the typical mortgage they’ve supplied us has a full level larger rate of interest and goes to price us one thing like $80k extra over the course of the mortgage. I perceive 3.25 is a good price, however it isn’t what I used to be promised. My month-to-month fee goes to be $200 larger, though I’m placing extra money down.
It’s too late to change lenders. Our new deadline is subsequent Friday and I’m not going to ask the sellers to push it again once more. I need to simply say fuck rocket mortgage and stroll away all collectively, however my spouse loves the home and we now have to be out of our present home by Feb 3.
I’m extremely salty about this as a result of they fucked up the paperwork and now they need to cost me an additional $200 a month. They’ve requested me for each piece of knowledge I’ve in need of a stool pattern. However they couldn’t confirm my begin date earlier than making use of for the mortgage, though they have been explicitly conscious that the mortgage hinged on whether or not that date was correct. And I perceive I ought to have verified it earlier than I put it on my utility, however I had no thought the distinction between June 1 and June 8 could be the make or break on the mortgage.
Is there something I can do to get them to decrease the brand new price? These charges aren’t handed down from on excessive, are they? The corporate has the ability to present any price they need, proper?
Sorry that is so lengthy. It’s form of sophisticated. I attempted my finest to make is succinct. Thanks if you happen to learn this far.