NIGHTMARE OF BUYING A HOUSE... I STARTED THE CONSTRUCTION OF MY HOME BACK IN MAY 28, 2004 WHEN I GAVE CENTEX A CHECK FOR $500 TO HOLD MY LOT. WELL AFTERWARDS I PAID A VISIT TO THE OFFICE OF CTX MORTGAGE WHERE I TALKED WITH A LOAN PROCESSOR AND HAD ADVISED OT HER THAT MY LOAN WAS GOING TO BE THROUGH USDA SINCE THE HOUSE WAS BEING BUILT IN A RURAL AREA AND THAT THE USDA OFFERES RATES AS LOW AS 1%. THE LOAN PROCESSOR CALLED OUT TO USDA AND SPOKE TO A REP WHO STATED THAT I QUALIFIED FOR THE THE LOAN AMOUNT OF 121,500 ( THE COST OF THE HOUSE MINUS THE EXTRAS) WITH A 1% INTEREST RATE.
SO I RCVD PAPERWORK THAT GAVE BREAK DOWN OF LOAN AND PAYMENTS TO EXPECT. WELL LONG STORY SHORT UPON BUILDING MY HOME, I NOTICED THAT CENTEX WAS BUILDING EXACT SAME HOME NEXT TO MINE, BECAUSE ONE OF THE SALESMAN FORGOT TO PUT THE PIN ON THE NEIGHBORHOOD BOARD TO SHOW THE LOT WAS SOLD AND WHAT HOME WAS BEING BUILT. CENTEX ASKED ME TO CHANGE MY HOUSE OR CHANGE THE ELEVATION BECAUSE THEY DONT LIKE THE COOKIE CUT LOOK IN THEIR COMMUNITY. WELL I CHANGED LOTS ALL TOGETHER. THE TOOK MY $500 DEPOSIT AND APPLIED IT TO MY EXTRAS. WELL THEN THE SALESMAN WHO MADE THE MISTAKE TOLD ME THAT HE WOULD DO ME A FAVOR AND OFFER ME THE EXTRAS AT HALF OFF.. WOW WHAT A BIG FAVOR. THE HALF OFF OPTIONS WAS THEIR PROMOTIONS THAT THEY WERE RUNNING. WELL AGAIN EVERYTHING GOING GOOD, HOUSE WAS BEING BUILT AND THEN FOUND OUT THAT THE USDA LOAN HAD NO MONEY SINCE IT WAS A GOVERNMENT LOAN AND REQUIRED FUNDING TO BE AVAILABLE. WELL THEN CENTEX IMMIDETALEY HOUNDED ME TO CHANGE MY LOAN OVER TO THE FAA 2/1 BUY DOWN,.,.
I STATED TO THEM I COULD CAUSE I WAS PRESSED FOR THE AMOUNT I COULD SPEND. I I HAD TO FORFEIT GETTING THE HOME. WELL ABOUT 5 DAYS LATER I FIND OUT THAT THE FUNDING WAS AVAILABLE. SO I TOLD THEM I WANTED TO GO WITH THE USDA AGAIN AND GET THE SAME HOME, WHICH CENTEX AGREED TO DO. SO THE CONSTRUCTION WENT ON AND I DID THE ROUTINE VISITS WITH THE SUPERVISOR TO GO OVER THINGS PERTAINING TO THE HOME. WELL THROUGH ALL THIS IM BEING ASKED BY CTX MORTGAGE TO SUBMIT MORE AND MORE PAPERWORK, BECAUSE THEY FAILED OT ASK FOR IT IN THE BEGINING OF THE HOME BUYING EXPERIENCE WHICH PUT A DELAY OF ME MOVING INTO MY HOME.. WELL UPON THE COMPLETION OF THE HOME, MIND WHO ITS NOW BEEN FROM MAY 28,2004 TILL FEBURARY 2005 NOONE AT CTX MORTGAGE OR CENTEX HOME CALLED OUT TO USDA TO FIND OUT ABOUT THE LOAN. WHEN ALL WAS BROUGHT UP CTX MORTGAGE WAS INFORMED I WAS ONLY QUALIFIED FOR 114.461, WHICH LEFT ME ABOUT 7,000 SHORT IF THE PURCHASE PRICE. NO MIND YOU I WAS GOING TO PAY 5,000 FOR MY EXTRAS IN CASH.
THE REASON FOR THE DIFFERENCE IN THE LOAN AMOUNT WAS THAT CENTEX PUT IN THE WRONG TAXES ON THE PROPERTY WHICH TO ME WAS VERY MISLEADING, SO IN TURN THAT BROUGHT MY MY LOAN APPROVAL AMOUNT DOWN, AND THEN I ALSO FOUND OUT THAT THEY ENTERED AND SUBMITTED TO USDA INFORMATION STATING THAT I MADE MORE MONEY THAN WHAT I DID AND I CALLED USDA AND ADVISED THEM. WELL ANYWAYS I WENT TO THE TOP OF THE COMPANY AND WANTED TO KNOW WHY NO ONE CONTACTED USDA TO FIND OUT ABOUT THE LOAN AND ALSO ABOUT THE TAXES. I WAS ABLE TO TALK WITH THE EXEC VICE PRESIDENT OF CENTEX HOMES Jay Colball AT 972-643-6800 AND I EXPLAINED TO HIM HOW IVE BEEN BUILDING A HOME SINCE MAY 28,2004 AND ITS NOW FEB 2005 AND IM BEING TOLD I CANT GET THE FULL AMOUNT OF THE LOAN.
KEEP IN MIND THIS WAS MY FIRST HOME SO I WENT OUT AND PURCHASED EVERYTHIG APPLIANCES, FURNITURE AND SO FORTH. I ASKED JAY IF HE WOULD SELL ME THE HOME FOR 114,000 SINCE I PURCHASED THE HOME FOR 116,999. JAY TOLD ME NO BECAUSE IF HE DIDNT THEN IT WOULD BRING DOWN THE PROPERTY VALUE OF THE NEIGHBORHOOD. I TOLD JAY MY HOME PROBABLY SOLD BETWEEN 112,000-114,000 A COUPLE MONTHS BEFORE I CAME INTO THE NEIGHBORHOOD TO PURCHASE. JAY PRETTY MUCH SAID SORRY THAT YOU DIDNT QUALIFY FOR THE AMOUNT. I TOLD JAY THAT CENTEX WOULDNT BUILD A HOME UNLESS THE BUYER QUALIFIED FOR THE LOAN WHICH I DID WHEN I FIRST STARTED THE PROCESS.
I DID NOTHING TO MY CREDIT TO CHANGE THE QUALIFYING PROCESS. I ASKED FOR THE PAPERWORK FROM CTX MORTGAGE THAT SHOWED THE APPORVAL FROM THE LOAN PROCESSOR AND CTX CAN NOT FIND IT.. HOW CONVIENT? THEN CTX HAD THE NERVE TO SEND ME PAPER WORK THAT STATED I UNDERSTOOD THAT IF I DIDNT QUALIFY FOR THE AMOUNT THAT I WOULD HAVE TO SEEK ANOTHER HOME THAT IS LESS PRICE. FUNNY THING IS THAT CTX MORTGAGE STATED I RECEIVED THIS WHEN I CAME IN ON 5-21-04.. I DIDNT RECEIVE ANY PAPER WORK TILL AFTER MAY 28,2004 WHEN I GAVE THEM THE CHECK TO HOLD THE LAND. AND PLUS THEY SAID THAT THE PAPER WORK WAS SENT (MAILED) TO ME .. THE PAPER HAD NO SIGNATURE FROM THE LOAN PORCESSOR WHO I ORIGINALLY DELT WITH. WELL NOW I AM WITHOUT A HOUSE AND HAVE ALL THE FURNITURE TO FILL IT. THANK GOD I WAS ABLE TO MOVE INTO MY PARENTS HOME WHILE ALL THIS WENT DOWN. I REALLY DONT KNOW WHAT ALL I CAN DO , SINCE THIS IS THE FIRST TIME I HAD THIS EXPERIENCE IN TRYING TO PURCHASE MY FIRST HOME. IF ANYONE HAS ANY INFORMATION PLEASE LET ME KNOW,
THANKS
John
Austin, Texas
U.S.A.