If you want to buy a home that you can't afford or a home that the payments will put you into bankruptcy, call Centex. My husband and I contracted a home being built and had to qualify for the home without selling our home first. We were told that we qualified for the new home only if we rented our home out and if we paid off some credit card debt first. We put our home on the market because that would be the only way that we could pay off the credit card debt.
Soon we were 2 weeks away from closing on the new house and our old house still had not sold. We were very concerned that we would not qualify or be able to afford this new home. We contacted Centex and let them know that we were not going to able to proceed and wanted our deposit back. CTX Mortgage ran the numbers again and said that we now qualified without selling or renting out our house and without paying off any credit card debt. This will make a 3rd home that we owe notes on, 2 large car payments and 7 credit cards. We are not Donald Trump and have a difficult time paying our debt right now without an additional $2,000. Per month.
We were told that they allow 65% Debt to Income ratio! Now you tell me, do they just want to keep our deposit or are they contributing to the massive problems that are happening with the mortgage companies nationwide! They are trying to finance a home that the 1st payment will never be made. Oh well, they wrote the loan and sold the house. Their hands are out of it at that point! What can be done???
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