We picked the worst possible time in the history of America to get a construction loan. (Okay, right after the stock market crash that preceded the great depression may have been worse. Maybe.) The first lender to whom we applied closed down their construction lending division as soon as they got our application. The second has taken more than six weeks to do what used to take about two. They keep thinking of new things for which to ask us. First our W-2 from 2007 was adequate. Then they wanted our tax return and W-2 from 2006. Then from 2005. 2004 would be nice, too. I asked the loan broker if we should just send copies of the last ten years and be done with it. She replied seriously that she didn't think that would be necessary. Originally they wanted the most recent quarterly statements from our retirement and investment accounts. Then they wanted current statements. When I pointed out that, first, those accounts had never had a single withdrawal and, second, that those WERE the current statements (key word:
quarterly), their response was sort of, "Oh, yeah. Well, okay." They wanted the corporate tax returns from my husband's firm if he owned more than 25 percent. There are five partners, each owns 20 percent. Well, okay, but . . . they want the corporate tax returns anyway. There is not a problem with our income, our credit rating, the amount of equity in our house or anything else that they can articulate. They just want more proof of . . . well, anything that can be proven. I keep wondering if they are going to finally refuse to give us the loan because they just don't feel like giving out loans right now. The broker keeps tellimg me that we are approved; they just need . . .
