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Re: Are all bankers liars?/Howdy Dave from MN
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Posted by River Bottom Farmer on August 27, 2006 at 12:05:03 from (64.12.116.74):
In Reply to: Re: Are all bankers liars? posted by Dave from MN on August 27, 2006 at 10:14:23:
I was working with a rural bank in Ashville Ohio but they want a large down payment. Due to the rental properties on the front side of the farm I cant get a first time homebuyers loan through them.I am now working with Chase bank a much larger outfit,and they said since the rent would cover the mortgage that it shouldnt be any problem getting the loan.The rental properties are listed as commercial property and are on a seperate deed from the rest of the farm.This has created ome hurdles,they came up with a blended rate for the interest.The interest rate for commercial property is higher than interest for primary residence here.Im not an entrepenour so Im not really up on all this stuff.Ive just tryed to work hard and put away a few bucks for rainy days.I cant understand why noboddy will give you a chance these day.I have never had a reposession or any late pays on a loan.I have few outstanding doctor bills which we have payment schedules for and make regular paymnts towards them.I know my credit score is good,not excelllent but good at any rate.They said it alll looked good but they are really taking their time if you ask me.I guess I will know in a few days.I just dont want to mov in the winter time if it doesnt work out.My kids just vstarted school again too so I guess I will have to see what happens.Sometime life aint too much fun.Oh yeah,I wouldnt ever agree to a VRM unless it had a decent rate cap on it.I prefer a fixed rate and dont want the uncertainty of a VRM...RBF
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