Posted on: 27th Feb, 2010 09:14 am
can a building company make you use their lender and if you refuse to tell you they will not build your house
I'm not 100% but, I believe it is. They have preferred lenders but, I don't believe you have to get financing through them. As a consumer, you have a right to shop. But, don't quote me on this...
Using a Builder's recommended Lender should result in you receiving lots of incentives from the Builder, to make it enticing for you. I've never heard of a Builder saying they wouldn't build the house if the homeowner doesn't use their Lender - that's just plain stupid and a seriously bad way of conducting business, but I don't know if it's illegal. It's worth a phone call to HUD. Let us know what HUD tells you.
