All Forum Posts by: Tashsa Holmes

Hi 

ln escrow for land that has steel garage building on it. Works well for us. Plan was a fha land and construction loan for maufactured home. In escrow, 2 extensions done and expiring soon and my loan just getting it done but its not coming together now the total isnt quite enough. lf l walk l lose deposit $7500. l dont want to walk.

What are my options?

ls it normal for him to ask for more and then give us $ 50k less? Twice. lnterest isnt locked in and interest went up and he now mentions constuction paperwork with totals has to be reviewed and takes 30 to 45 days plus expect a back and forth. lm suppose to close soon. 

Should l find another lender for same loan?

Today l spoke with a loan guy for land only but its 25% down and 1% for company and 1% for him plus closing. Has a fee agreement for him. plus 15 hr term. He was driving said he could get it done but it was hurried conversation. l sent everything over but having misgivings about the loan and how much it costs and if its wise to do another credit check to find out we dont have quite enough.

Is it possible to get better conditions like 20% down or less and 20 term.? or 10% down  Who do you recommend?

Can you share what he means about 1% for loan and what is this 1%  fee agreement to him? Is that rolled into loan. is it a higher interest rate too or 1% is that.

How much is @ closing on 280k? 

We have 70k which was enough for intial loan it was 5% down but lm not so sure with the land only because deposit is that.

Intial loan we made no paymts until it was done, this one we have pymts right away and will need to now save for septic, water hookup.We thought we could make apt after utilities are in, in the garage for now and at a later time get a manufactured home.

We both arent sure what to do.  What do you think? Any ideas on how to make it work? l thought maybe we could do something with garage to offset expenses in the meantime? prior to apt. 

Could we qualify for loan for septic and permits and just live in apt in garage until a much later date for manufactured home.

Any thought suggestions or advise would be helpful. 

Thank you!

Thank you everyone for your help. Lol never thought about zoom, only learned about it since Covid. Nathan, we do everything you mentioned, meeting them is just something l like to do too.Thanks again!

Wondering the best way to handle this. I appreciate the help.

We have a small one bedroom lower unit that we haven't rented out. Its taking awhile to rent. I was looking for one person due to size of unit which is how we rented in the past but have had alot of couples interested which l turned away. So l decided to open it up to couples recently and I ended up talking to guy on phone and then my property manager showed unit to this guy. His wife is not here which he mentioned prior and not sure exactly when she will be but he is thinking sometime in the new year. The unit is for both of them.

Unfortunately l forgot to mention this prior to him and my hubby reminded me today that we have to met her. We've always in past with both units have met face to face anyone renting our units. We feel strongly about this, its part of our criteria. Normally since l goofed ld probably explain to that person and just let the person know before they do application. But we are in Ontario and he is disabled and l dont know if lm allowed to say that to him now to let him know or wait for application?  He plans on going to housing and getting his funds increased since he can't afford the rent right now as is. He still has to apply and met our requirements so lve not said he has place. So do l wait and see or let him know right now about needing to met wife as part of the criteria?