Real Estate Investing :New Home Buyer Requirements Hurt Home Buyers

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When the two first time home buyers I am currently working with found themselves looking into the face of perhaps losing the home they wanted, they were devastated.  These home buyers spent money having a home inspection and time gathering all the information for their loan thinking all would go as they had planned, perfectly.

Unfortunately, that was not to be the case.  Their lender informed them that although they had letters from their employers stating they were promised a job in Elk Grove, the underwriter didn’t feel that was good enough.  You see these 1st time home buyers live in the Bay Area and are relocating to Elk Grove but thought they could take their time, painting and putting in new carpet while waiting for their new positions.  It was going to be an easy move, stress-free.

The underwriter for this FHA loan decided that these two first time  home buyers needed to be provide a letter from their employer stating their new start date and it had to be right away.  This meant rushing and finding a position immediately closer to the Elk Grove home they intended to buy.

These home buyers were forced to start a job in a location sooner than they had wanted plus the job they took wasn’t even the job they will ultimately end up with and they will be forced to travel even further since they intend on staying in the Bay Area until the house is painted and carpeted.

This is when a rule doesn’t make sense and ends up defeating the very essence of what FHA was attempting to accomplish. There are so many new rules that make no sense and end up hurting the homebuyer.  This is just one of many.

Don’t even get this Elk Grove Realtor ® started on the HVCC rule…

 

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