Another Advice Post!

Hi

So I’ve been under contract since February. I’ve had a rate locked since May. I recently started getting updated paperwork to my lender and completed their requirements.

$330k house, 10% down, 720 credit score

Today my lender called me and told me their underwriting team has “lost” their approval for my profile due to tightening of the secondary market. Due to this they are proposing an FHA loan, which I’ve already been approved for however they are unsure of the interest rate since it’s Saturday and nobody is at work.

My profile hasn’t changed since they started to update it, if anything my debt to income has gone down and my credit score has improved.

Has anyone dealt with this? It sounds like I’m at the mercy of my lender here. Just need some advice or wise words. I’m 2 weeks out from closing and kind of freaking out.

submitted by /u/Impressive_Mall_2167
[link] [comments]

Hi So I’ve been under contract since February. I’ve had a rate locked since May. I recently started getting updated paperwork to my lender and completed their requirements. $330k house, 10% down, 720 credit score Today my lender called me and told me their underwriting team has “lost” their approval for my profile due to tightening of the secondary market. Due to this they are proposing an FHA loan, which I’ve already been approved for however they are unsure of the interest rate since it’s Saturday and nobody is at work. My profile hasn’t changed since they started to update it, if anything my debt to income has gone down and my credit score has improved. Has anyone dealt with this? It sounds like I’m at the mercy of my lender here. Just need some advice or wise words. I’m 2 weeks out from closing and kind of freaking out. submitted by /u/Impressive_Mall_2167 [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!

Generated by Feedzy