- Joined
- Sep 5, 2007
- Messages
- 108
Please help my friend with his downpayment issue. This is what he told me of his situaiton.
So I began the preliminaries to having a home built in edmonton. I have 25% of the downpayment. The builder has accepted my offer to pay the remainder of the downpayment in installments throughout the next 10 months (approximate time to build). As per my bank, I have a perfect credit history, my FICO score is slightly above average,and my debt ratio is fine. the bank has pre-approved me, but has advised me that CMHC requires proof of the entire downpayment and 1.5% of the total price, for closing costs, BEFORE the mortgage will be approved... AS WELL, CMHC also noted it is likely I will require a guaranteur.........????? [/color] have I worked hard at building a perfect credit reputation for the last 15 years for nothing? why in the world would I need a guaranteur? And if I do not want to deal with CMHC, I need to come up with $75000.... Is there a way to make this work without having to find $21,000 for my downpayment and closing costs in the next 2 weeks? ...OR...how do I find $21,000 in the next 2 weeks?? Any suggestions are GREATLY appreciated. Thank You.
So I began the preliminaries to having a home built in edmonton. I have 25% of the downpayment. The builder has accepted my offer to pay the remainder of the downpayment in installments throughout the next 10 months (approximate time to build). As per my bank, I have a perfect credit history, my FICO score is slightly above average,and my debt ratio is fine. the bank has pre-approved me, but has advised me that CMHC requires proof of the entire downpayment and 1.5% of the total price, for closing costs, BEFORE the mortgage will be approved... AS WELL, CMHC also noted it is likely I will require a guaranteur.........????? [/color] have I worked hard at building a perfect credit reputation for the last 15 years for nothing? why in the world would I need a guaranteur? And if I do not want to deal with CMHC, I need to come up with $75000.... Is there a way to make this work without having to find $21,000 for my downpayment and closing costs in the next 2 weeks? ...OR...how do I find $21,000 in the next 2 weeks?? Any suggestions are GREATLY appreciated. Thank You.