The best advice is to gather all the documentation that awards you recurring monthly income and show those to a local mortgage originator. I tell my clients to start with the mortgage department at their principle checking or savings bank. You trust them with your money every day - trust them with a long term mortgage. A local lender might know more about programs like a Rural Development Mortgage, Mississippi Home Corporation programs, and so forth. Let a licensed mortgage originator set the financial limit of your purchase and tailor the best lending package for you based on your individual circumstances.I also suggest working with a realtor in your community. It's best to find a realtor with an ABR (Accredited Buyer's Representative) designation. That is awarded to realtors that completed additional education focusing on buyer issues, passing a written exam, and also have a certain amount of practical experience. Good luck.Andy Kalinowski
Talk to your lawyer or a realtor for options.
The fact is that no matter what the market conditions are - there are some people that must sell and there are some people that must buy. Buying or selling is an individual decision. It's those that do not fit into either of those two categories that I assume you're talking about.I think many potential buyers remain very cautious about buying. They might be waiting to see where interest rates finally bottom out and then move -- maybe a day late but certainly could save additional money each month.I also think that many buyers are weighing taking on long-term capital debt against the possibility of continued employment.
Talk to your lender about both your credit scores and your income to debt ratios.
You said you made an earnest money deposit with your realtor. Talk to your realtor and broker. Get their advice on how to proceed and follow it. They are more familiar with the specific details than anyone here. It sounds like a complicated issue that is not very common. That is why you need to rely on the advice of people with first hand knowledge and experience. They also know state real estate laws and how they affect the different parties.
If things are as you say, I would arrange for a face-to-face meeting with the BROKERS (both real estate and mortgage). Get some fresh faces and cool heads involved.
You can "fire" the lender, but realize that it may delay the closing or even cancel the sale of a specific property, depending on the wording of the purchase contract. If you've got a "border line" pre-approval -- think carefully. Will another lender pre-approve you?
As a buyer, you should only accept an unclouded deed from the seller that is free and clear of any back taxes or other type of encumberance. This is why an attorney closes real estate transactions - to be sure that things like this do not happen. It is why both sides sign the HUD-1 ,
The listing agent has fiduciary responsibilities to the seller-client that might conflict with the fiduciary responsibilites to the buyer-client. In most states it is legal and a comon practice for the listing agent to also represent the buyer. However some agents prefer to not represent both sides of the sale. They do not want to even give the appearance of a conflict of interest.
You are not clueless. You are smart enough to ask questions. Always work with local reputable people.Your first stop should be to a mortgage lender for mortgage pre-approval. I suggest starting with the bank where you have the majority of your money now. You already know and trust them. They already know you. Start there.Also, find a good realtor that enjoys working with first time buyers. Let that realtor help educate you. Think about what you need, want and desire in a house. Give him your pre-approval letter. During the interview process, you can tell if the realtor really has your interests at heart.Good luck!