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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 25358
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I have applied, I was preapproved for $480k max... I found a

Customer Question

I have applied for mortgage, I was preapproved for $480k max... I found a house for a cost of $451.. I applied for the mortgage at least 3 months ago - I told everything is fine - now 2weeks before the sellers are ready 2 move the mortgage bank is saying that I don't qualify - 1st underwriter is approving -2nd underwriter is saying no - what are my options?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. Do you know why they are saying this? Pre-approval is a lot different then a loan commitment, so I am curious to know what the issue is?

Customer: replied 1 year ago.
The issue is that when we found the home, they reviewed our paper work and said that they are committed to the loan, over the last 3 months they have asked for a number of documents which I have provided... Now, the sellers have indicated that they would like to move around the 21st of sept... The mortgage bankers called us up and said everything is ok, then 2 days later we received another call stating that the 1st underwriter approved everything but the 2nd underwriter is not approving the loan...
Expert:  RealEstateAnswer replied 1 year ago.

Why wont the 2nd approve the loan? What stipulation was not cleared or what is the issue? I am asking since we need to know what the problem is or else you can not correct it

Customer: replied 1 year ago.
We are concerned since we have not gotten an outright denial nor are we getting a straight answer...
Expert:  RealEstateAnswer replied 1 year ago.

At this point, you need to speak with the lender and ask for something in writing. I say this because you need to know what is causing the 2nd underwriter to deny the loan. This may be something that can be corrected and fixed, with some additional time and if that is the case, you can ask the seller to agree to extend the closing date. If it can not be fixed, then you want to try and find another lender to fund the 2nd mortgage, so you can proceed. You also want to re-read the contract and see if financing is a condition to the sale, since if you can not get it, after making a good faith effort, your deposit/escrow could be returned. I know you want the home but need to either get a direct answer within the next few days from the lender or find someone else to do the loan and apply with them. Prior to, get something in writing, since you likely will need to produce this to the seller, at some point.

Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!