- Thread starter
- #571
OK, so I now realize part of, if not the primary reason I'm having all these loan difficulties... the purchase offer was written on a contract labeled "Farm and Ranch Contract" vice a "Residential Real Estate Contract". This was done because the property is rural, outside city limits, and has acreage. It's standard fare in TX. It's how rural properties are contracted for sale/purchase. So I just got off the phone with my REA down there and told him the issue/problem. The VA appraisal should have been ordered today. The appraiser doesn't get a copy of the contract. I told my REA that he needs to make sure he gets to the appraiser and lets him know, the property is being purchased as a residence and NOT as a farm/ag property. That way when the lender gets the appraisal they won't flip out. Of course I may short circuit their attempt to body slam me and deny this loan. I sure hope so...
My REA has a lender down there that he says can do the loan and get it done in under 30 days. I asked him to contact that lender via Email and to add me as an addressee. If I need to I can use them as a fall back position. The problem is they aren't going to give me 3% as a rate and the costs are going to be substantially higher. How much I don't know...
My REA has a lender down there that he says can do the loan and get it done in under 30 days. I asked him to contact that lender via Email and to add me as an addressee. If I need to I can use them as a fall back position. The problem is they aren't going to give me 3% as a rate and the costs are going to be substantially higher. How much I don't know...