problem with trying to buy new home?

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so me and my husband is trying to buy our first home it happends to be my grandmother’s house i already have a trailer ( that we are living in) on the property that we are trying to purchase, we found a mortgage company and they told me that we are approved with citimortgage well when the closing was coming up all of a sudden the lender had a condition that the trailer had to be removed or no loan. thats a problem we live in the trailer and have to stay in the trailer while remodeling the home my mortgage company suggested we move it for a day so pictures can be taken to say the trailer has been moved, yea right move and disconnect everything for a day! costin thousands of extra $ . my question is this normal? are all lenders going to require this? why? and does anyone have any suggestions on how to get around this? i was thinking that i tell them we live with her (so the address is the same) and the trailer is for storage use only b/c the problem they said is two residence on same prop

  1. Reply
    May 1, 2011 at 1:21 am

    This is something that should have been addressed early on by the lender. They don’t care what the trailer is used for. The property has to look good enough for their investors to buy the loan. You always have the option of moving your loan papers to another company, but that’s a hassle, too. Who owns the trailer? If it is in your and your husband’s names, I think you might have some leverage.

  2. Reply
    Andrew R
    May 1, 2011 at 1:59 am

    If this home belongs to your grandmother then perhaps you could get an extension of time to check the underwriting with other lenders. At the closing is not the time to pull this underwriting on you. Your agent should have known this from the start as you sound like a upfront person that gave all information at the beginning. You have the right to ask for the file so you can have it reviewed and get the correct determination of the property as far as location, zoning and so on. This information is needed before someone can give you an answer about what should be done at this point.

  3. Reply
    stephen l
    May 1, 2011 at 2:42 am

    It may depend on what state you are in as well as a host of other factors. You need to get a good loan officer working for you. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.

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