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P. Simmons
P. Simmons, Attorney
Category: Legal
Satisfied Customers: 34268
Experience:  16 yrs. of trial experience
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I am trying to buy a house with this lender was approved

Customer Question

i am trying to buy a house with this lender was approved $380k for my loan the house i want is $435k am willing to pay the difference of $60k now the lender is telling me i have to put $81k for downpayment and still be borrowing $435k on the house which am suppose to have $0 down for VA loan what should i do.
Submitted: 1 year ago.
Category: Legal
Expert:  P. Simmons replied 1 year ago.

Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to help

Also, if you would like to chat on the phone, let me know and I can make that happen.

I am sorry for this dilemma. But not sure I understand your specific question. Are you asking if you can demand the lender allow you to borrow the entire amount (0$ down)?

Customer: replied 1 year ago.
i have a VA loan which i can buy a house of 417k with $0 down payment but these lender refuses to approve us of the maximum of $417 we got approve of $380 while the home we want to buy is $435 we are willing to pay the difference in price of $55k now the lender is telling us to pay $81k
Expert:  P. Simmons replied 1 year ago.

Thanks

And your question?

Sorry....I do not understand the question? Are you asking if you can require the lender to approve the loan??

Customer: replied 1 year ago.
cause the cost of the house is $435 even if we pay that $81k we will still be loaning $435 with a high interest of 4%
Expert:  P. Simmons replied 1 year ago.

I understand...but I do not understand the underlying question...

Expert:  P. Simmons replied 1 year ago.

Are you asking if you can require the lender to approve the loan so you get $0 down?

Customer: replied 1 year ago.
i was approve of a loan of $380k for a mortgage loan but i want to buy a house of $435 am willing to pay the difference in price
Expert:  P. Simmons replied 1 year ago.

You will need to find a different lender. The VA guarantee is for the lender...it protects the lender but does NOT require the lender to make the loan.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.