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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27549
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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My daughter made an offer on a townhouse on August 2, 2015.

Customer Question

My daughter made an offer on a townhouse on August 2, 2015. The offer was accepted. she applied for a low rate mortgage through WV Housing Fund. On day 47 of the process, she was notified that they were ready for closing, and by the way, "you didnt qualify for the WV Housing loan, but we have another loan product that you do qualify for, at a higher rate." Does she have to proceed with the purchase of the property?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. Does the contract which she signed have a specific interest rate listed within? How much higher is the new interest rate and did they tell her why she did not qualify?