Re: HOUSE OFFER

[robert <http://dummy.us.eu.org/robert>]

 > From: TOM LOVETT <http://www.yahoo.com/~tomlovettjr>
 > Date: Fri, 1 Aug 2003 14:52:04 -0700 (PDT)
 >
 > Robert, 
 > I have discussed the issues of the known defects list with both lenders and 
 > they have suggested that I use a conventional loan or the Mass Housing Loan. 
 > Neither one of these loans require home inspections. Although FHA may get 
 > approved there are other options that I can use that do not have the strict 
 > requirements.  
 > As you know I want this to work for both of us and this appears to be the best 
 > way to get the results we both want. 
 > Tim White (Trident Mortgage), one of the men you spoke with is going to give 
 > you a call at your number to confirm this and you can discuss it with him if 
 > you would like. He also reassured me that we would be able to close in the 
 > time frame stipulated. 
 > Please let me know if you have any other concerns. 

Have you been approved for a conventional loan?  If so, are you prepared
to pay the PMI (because of the lower downpayment)?

Also, the guy at Mortgage Link LLC never called me back w.r.t. your
preapproved loan.

In any case, my main concern is that, because you are putting down only
3%, your loan options will be considerably lessened, and, if it gets to
the point where all loan options are denied and you are forced to go to
FHA (which is the lender-of-last-resort), then either the deal will fall
apart or the process will drag out.  And I will not consider other options
such as option-leases (rent-to-own) or seller-financing.

 > thank you, 
 > tom