Stop in for a cup of coffee
I thought you had a house?
We’re renting still. We own free and clear 10 acres that we are trying to build on. We were approved to build last spring, however, due to the wet spring and ground conditions, our Contactor was having to wait until June. We were approved in Feb. March 26th, I get a certified letter from the bank, halting/cancelling the approval due to Covid. We’ve not been able to get the go ahead from any bank since. My contractor has 9 others in the same boat. I’ve gone to different banks even, no luck. They all blame Covid and new, heavy requirements for new construction loans. We could get approved in a minute if we wanted to buy an existing but we don’t.
Personally, I think what happened is the cut to the interest rate led millions to refinance and the banks simply ran out of available money. They do have a limit to how much they can lend and refinances affect their supply.
just pisses me off, our scores are in the mid 700s, our debt to income is less than 6 percent. And we have over 30 percent in down payment, still can’t get approved again. It’s bullshit