The lettuce truck bathes
Its overflowing crates with
Rusty clouds of smoke.
Sunday, November 8, 2015
Apparently my money is hesitant to believe that I want to borrow it to purchase a home and is now requiring that I fill out a Good Faith Estimate or GFE as it’s known in the biz.
I’m new to the biz, so until my TSA loan officer told me I was missing a GFE in my loan request, I thought I was going to get away with simply checking a box on my loan application stating that I was going to use the loan for the purchase of my primary residence.
But no, now in order to loan myself money for 10 years I would have to have a seller fill out the GFE form. But since I want to use this money to buy land there is no home seller. Consequently, I’m moving on to plan C. I’m going to check the other box on the loan application and ask for a five year loan. That payback period has no requirements (that I know of yet) pertaining to the use of the loan.
Of course a shorter payback period would mean a much higher monthly payment, so I may reduce my loan request slightly.
In some ways, I suppose, it’s comforting that my money is so cautious, but it still hurts a bit that it doesn’t trust me enough to leave out third parties that have to vouge for my intentions.
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