Thursday, March 17, 2011

Banks are Evil

Like we didn't already know that.

I'm NOT going to go on a rant.  I'm NOT going to go on a rant.  I promise.  So to keep that (extreme, boiling over) rage to a minimum, I will keep this short.

I got pre-approved with Bank of America back in December.  If you don't know already, lenders are really big on "two consecutive years of work history" thing.  It's a primary prereq for home purchases.  But since, prior to my current position, I was technically "unemployed" while writing a novel, I don't have that two years of consecutive work experience.  Still, BoA said, "oh no problem!  I mean, it may be an issue to the underwriter, but we can just write a letter of explanation and everything should be alright."  I was even offered by one of the Big Bosses of the company to write a letter on my behalf, and the bank was like, "OMG! Okay!!".

So we get the offer, submit everything, do the inspection, and I send everything in to the bank.  For two days, the loan officer dodges me.  Doesn't respond to emails.  Then suddenly he writes me back 1.4 minutes (no joke) before he leaves for the day, and says, "Sorry, there's little- to no-chance we can approve you without two years work history."


It doesn't matter that I've been working in a similar industry for years upon years.  It doesn't matter that writing a novel is technically an asset, as it has the potential (if published) to net you future money.  it doesn't matter that I EXPLAINED ALL OF THIS THREE MONTHS AGO, and he was like "Thumbs up!!!!!!  Yay!!!!".  Now?  "No way, dudette.  You're screwed."

So, after a fit of rage, and cursing, and arguing that, you know, why does work history fall at the top of the list?  Shouldn't my credit history, rental history, or you know, my debt to income ratio be the most important things?  If these are all great, shouldn't work history (especially with a letter from Company Big Wig saying, "we will hunt this girl down if she tries to leave because we love her and will never let her go away") be kind of a wash?

But whatever.  So I call our realtor, verging on tears.  She's like, "call a mortgage broker.  I know this guy."

Y'all?  This guy is awesome.  He asked for everything except for drawn blood, but he's getting the job done.  (I hope.)  And while the interest rate is a teensy bit higher (dude's gotta make his money), it works out to less than $4/mo more than the other mortgage payment with BoA.  And I'm willing to pay that to actually get approved by someone who has a lick of sense.

Maybe if I get like four people from the company to vouch for me that I'm never leaving my current employer because they are awesome and they're like family to me, that it'll help?

So, wish me luck. Here's hoping we actually get financed.  WE WANT THIS HOUSE.  Must have.  No kidding.


Lori said...

good luck...fingers crossed for you.

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