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Mortgage Loans Held For Sale
Advice on VA closing/contract?
We need help on what to do with a contract about to expire. We qualified for a VA loan (less than 42% debt to income, credit scores in 690's), but we are still being held up. We had a 45 day contract and now a 30 day contract, which will expire this week. We don't know if we should extend. We like the place, but can't hold out for ever. The mortgage company and the sales rep blames the VA for taking so long. The place is a new construction, but we got it for 2/3 the closing value of similar units in the complex due to the economy.
I feel if they really wanted us to close on it, the sales rep and mortgage broker could have made it happen in this length of time. I think they might be holding out for more from someone else. Meanwhile, other bargains are starting to sell. Any advice on what to do? We are at wits end. Thanks.
If you are using the builders preferred lender it may be time to seek a new lender. What is your realtor telling you?
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