I'm bawling. I don't know what to do

JanAndShawn

I just got a call from the loan specialist and she said because the PMI company changed its rules all of a sudden, we can't get the mortgage unless we put another 5% down. We don't have another $11,000!! I can't believe this is happening. We are supposed to close next Friday and now we can't buy the house.

 I'm going to throw up.

LizzyTiish

Oh, I am so so sorry to hear this, and feel awful for you.  I hope that something is going to happen to make this work out for you.  ((HUGS))

ladybug11780

Oh my goodness. I'm so sorry. This is so disappointing for you.

Hugs

melcunnin

I hope everything works out for you!

schteffy

Ugh, Jan, I'm so sorry. Maybe some of the other homeowners have some good advice or alternatives for you! I'm just starting the house hunting process so I have ZERO experience, but wanted to wish you luck that it ends up working out.

pghctwife

what about instead of PMI looking into a second mortgage? I dont know if that is something you have already looked into and I dont know what the current quals are... but worth asking your bank right?? the rate will be slightly higher, but it would get you the house and go towards equity...

((hugs))

 

tmp-147586187501197

Jan I am so sorry. What about splitting the mortgage and doing an 80/20 split?

Dukes15

Can you do something like an 80-10-10 or 80-15-5 loan instead, depending on what you've already put down?  Were you supposed to be paying PMI? If not, can you pay it instead of losing the house?  Its not that much extra right? Is borrowing from parents/grandparents an option?  This really sucks, I can't imagine how upset you must be.

Mrs.Mango

Oh, Jan.  This stinks.  I am so, so sorry.

msg

OMG, I am so sorry. I didn't deal with our mortgage stuff when we bought our house so I apologize in advance if this sounds stupid but could you contact another bank and see if they will give you a mortgage without such a high PMI? I hope everything works out in your favor.

Danielle10/16

crap - hm....do you know anyone you could borrow the money from? If it's just increasing the down payment then it will decrease your monthly payments and hopefully you can pay back the money you borrowed from family/close friend with some interest? I know it's along shot, but maybe? I hope this works out for you guys.

jamelyn1979

How about a 1st mortgage and an equity line of credit?  That's what we did when we bought our 1st house - it worked perfectly - we avoided PMI completely and it got us approved with the down payment that we did?

Mrs.MJP

Jan - I can give you some other ideas - we took out the loan on our house in the amount so that we wouldn't have to pay PMI - because we had some money to put down but then we took out a home equity loan to make up the rest of the 20 % we had to put down.  I'm not sure if this makes sense to you or if you're even able to do this - but e-mail me at mrs.mjp at gmail dot com (i'll e-mail you at work too) and i'll talk you through it over the phone.  It may be a good option but you may have to move very quickly on it. 

finsup

(((HUG)))

jordanm

Oh no Jan.  Sounds like the other ladies have offered you some good ideas. 

beknmike

Take a deep breath. You'll get through this!! There are lots of different ways to finance a house. We did an 80/20 loan & put hardly anything down on our house. Yeah it sucks to have two mortgages, but our monthly payment is very manageable & it was great not to have to cough up a ton of money when we were trying to pay for a wedding.

(((hugs)))   

sweetpeaCT

I second pp.  Is there anyway to do an 80/20 mortgage? 

I hope it works our for you!  ((hugs))

Melany928

I know it might not want to be something you want to consider, but can you take out a loan from 401K? Eric had to take a hardship withdrawal when we bought our house.

Kim2884

Oh no!! That's so awful. I'm so sorry!

HappyKlamb10

((hugs))  I don't know much about the house buying process yet, but it sounds like the ladies here have some good suggestions for you...I hope something works out!!

scarlet_letters

please don't get too upset quite yet!  you can delay closing if you need to!  is an FHA loan an option for you?  they only require 3% down... they're just more work...

 or see if your mortgage company will work with another PMI vendor with less stringent regulations... they have really been tightening up the market, so the second mortgage might not be an option, but pull out all the stops!

AwwwwwwYeah

:::

mlwooten

Hey Jan, I sent you a email through the nest. I didn't have an email in my personal email.

 

Melissa

august282005

I know very little about the home buying process but it sounds like you got some great advice here!  Good Luck!!

IfIHadItAll

Hi Jan. I don't know if it's an option for you, but Jake and I did an FHA loan and only had to put down 3%. Maybe try looking into this? I really hope it works out for you. I know how upset you must be. Hang in there! Don't give up!

Mrs.Forger

Agh, I'm so sorry, Jan. That's awful and I feel awful that this happened to you! The banks are getting so strict, you can't win. Can you borrow from family maybe?

OctoberBrideNYC

I'm sorry about this, Jan!  I hope some of these suggestions will help you. . .

msdrdg

That sucks!  I have no advice, but just wanted to say I'm sorry.

teach1

Jan, I'm so sorry this curveball is being thrown at you. ?I know there has to be a way this can be worked out. ?I'll be thinking about you.

aes

ditto the suggestions PPs have made and GL getting through this!

LisnJon

Oh no Jan!  I hope the home equity suggestion some people had can work for you or that you will figure out something.  Buying a house was honestly the most stressful thing I've ever been through & that includes childbirth!  There were several times I thought we weren't going to get our house for various reasons, but in the end it all worked out.  I hope this all works out for you too. (((HUGS)))