The process is difficult with banks scrutinizing every nook and cranny of someones life!!! I am amazed at the knee jerk reaction of these banks and underwriters who can't seem to see the forest thru the trees. For instance Buyers with 20% down and a small $350k loan A+ credit rating and income and assets. BOA is requesting to see a State Wide Buyer Seller Advisory???? Why I ask is that any concern of the banks??? The underwriter has had the borrower going bank and forth to her bank to get all electronic bank deposits and withdrawls from the branch. This is over kill and docs which should of long since gone out are still waiting!!! Frustrated is not the only word,,,BOA and all major institutions are what is blocking business from occurring.
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Century 21 Premier Associates - Pella, IA
It seems that they are making borrowing hard for everyone -even those with good credit and down payment. We are paying for the sins of those who just walk away and let the houses go to foreclosure.
May 10, 2010 07:34 AM
Davidson Realty Inc. - Saint Augustine, FL
I will help You find the Home YOU want to Buy
Jill, it is amazing. We just had a customer from out of town that was turned down on a $280,000 new construction because his credit had "flaws". He was putting $200,000 down.
Luckily he is going to pull the rest of the money out of an IRA.
May 10, 2010 07:36 AM
Rainer
11,693
11,693
Jill McGovern
Jill McGovern
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