I have this big issues with my mortgage and builder companies, which I hope you can help me understand or get a way to move forward.

My friend and I found a developer who's house designs we liked, we informed them of our intention to buy. At this point they told us we need to deposit any amount we wish as Earnest money.Which we did, they then referred us to their mortgage company. Here we got into a mortgage contract to have our dream house built, But because we did not have enough money for down payment they told us that the seller (developer) was offering us a certain amount of money to bring down our rate and this amount is going to be added to what we shall personally pay, to reach the 3 percent minimum down payment required by law. When the mortgage company was going through our loan approval, we verbally informed them that one of us was still waiting for their residency/work permit with the immigration. They approved us for the full mortgage loan. At this point we signed on a loan for the amount the seller had offered to buy down our rate. This loan was to be paid off at closing, the house is finished. Two days before closing the mortgage company told us we could not close because their lenders have insisted on seeing a work permit for my co borrower. It's going to a year now, and we have yet to close because of the said document. Meanwhile we are still repaying the loan we had taken for the amount the seller was to buy down our rate with. My work situation has changed am not making as much money as I used to before getting into this mortgage contract and I fear I will not qualify for the same amount now. Please advice on the best option, for I would like to get out of the contract.

Frustrated first time home buyer.

Thank you.

PS I would appreciate if you could reply on e-mail.

It sounds like you signed papers and bought the home? Are you living in the home, has the home been built. What is the terms of the contract on the home, was the earnest money even refundable by the contract.

It sounds like you listed to the seller and people he arranged, so it is possible you are in seroius trouble perhaps not able to even get out of the contract with seller. You need an attorney very quickly to go over all of the paper work to this point and time

It sounds like you signed papers and bought the home ?? are you living in the home, has the home been built. What is the terms of the contract on the home, was the earnest money even refundable by the contract.

It sounds like you listed to the seller and people he arranged, so it is possible you are in seroius trouble perhaps not able to even get out of the contract with seller. You need an attorney very quickly to go over all of the paper work to this point and time


We have not closed on the house yet due to lack of the necessary document and am not living in the house though the seller had agreed that I move in as a renter ( I refused the offer) meanwhile until we get the said document and my loan approved. The home has already been built, and complete.

Tough one, you need to have the contract you signed with the builder, often if you order a new house to be built according to your specs, there is a liablitiy you take for the builders costs. This does not always work just like a person just buying some one else's home already built.

This is something that only a local attorney reviewing your paper work can tell you what is going to be owed or returned