Is there anything that I can do to get the loan that I was originally approved for? There was no change in my credit or status and the pre-approval was good for 90 days.
2007-12-05 05:51:42 · 13 answers · asked by csmithballsout 4 in Business & Finance ➔ Renting & Real Estate
the explaination was that FHA changed their regulations and now I can't get the loan that he had me qualified for.
2007-12-05 06:51:42 · update #1
I work with credit. Just because you get a letter saying you are pre approved, doesn't make it so. Think about it. Banks and other businesses blanket enormous amount of people and businesses, giving them the opportunity to get a loan or a credit card etc. They have to look at the individual credit history.
Let me ask you this: how is your income to credit ratio? For example: you make $100,000/yr but you have $75,000 in credit. (you might not even be using all that credit, but you have it in credit cards or loans) That right there is too high for alot of companies to allow you a loan.
The best thing for you to do are two things:
1) check your credit and find out what your score is.
2) call the lender up and ask why you can't get a loan through them. They must tell you why they won't.
3) if you have a bank you deal with or credit union--ask them for a loan or at least get information. You can't get too much information on that. I would go to at least 3-4 sources and see which loan is best suited for you.
Best wishes,
CathyH
2007-12-05 06:08:42 · answer #1 · answered by Cathy H 3 · 0⤊ 0⤋
Talk to another banker is my advise. I just got a home owners loan. it took forever and really was stressful. W4e never even met our loan officer until the final closing. I just do not understand the manner of the loan companies theses days. If you are approved for a certain loan and you have 90 days. Then go speak to another banker.loan officer and get better and more informative advise. best of luck. I wouldn't wish this on my worst enemy. I never want to move again as long as I live. LOL Whew, glad it is OVER! LOL
2007-12-05 05:57:08 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Look at the terms provided in your Pre-Approval agreement. If the lender violated the terms then you may have cause for action. Your state banking regulator may be able to assist dependent on who the lender is. Also please note that the name Pre-Approval is misleading it DOES NOT Guarantee the lender will issue a loan and you must read the terms.
2007-12-05 05:57:14 · answer #3 · answered by Jay D 3 · 1⤊ 0⤋
The "Pre-Approval" status is not a guarantee of a loan. It's more a less a "you probably qualify, based on what we found in your last credit report."
Unfortunately, your credit report information may not be up to date - have you ever seen your own credit report? If not, get it - as you need to know what the bank is saying before you can say "there's been no change in my credit."
Also, pre-approvals are NOT approvals - they are more like an "invitation to apply." They aren't really worth the paper they are printed on - they're more like an advertising gimmick than an actual promise of a loan.
2007-12-05 05:56:16 · answer #4 · answered by jbtascam 5 · 2⤊ 0⤋
Apparently the lender discovered something in either your credit history or levels of income which made them change their minds. They have that right, up to the very moment the loan closes and is funded.
2007-12-05 05:57:43 · answer #5 · answered by acermill 7 · 1⤊ 0⤋
Contact the lender and ask why they changed their mind. Sounds like something appeared in your credit report or they may have changed their requirements and you didn't meet the qualifications. Whatever you do, don't get suckered into an ARM.
2007-12-05 05:56:09 · answer #6 · answered by flyinghighfreebird 4 · 1⤊ 0⤋
Unfortunately no. But think about it, do you really want to do business with a company that would treat you like this? Count your lucky stars and rest assured the right company will come along and give you the loan you want.
2007-12-05 05:55:32 · answer #7 · answered by m27jean 3 · 1⤊ 0⤋
alot of the pre-approved loans are scams to get you down there .you may have good credit or you may not have enough to get it without a co-signer that is basically what they want a secured loan
2007-12-05 05:57:29 · answer #8 · answered by Psychologist In The House 6 · 2⤊ 0⤋
They are not saying you don't qualify; they are saying they don't have enough money to make the loan to you. Read the fine print; they generally make no commitment to you to actually loan you the money
2007-12-05 05:55:22 · answer #9 · answered by Fred S - AM Cappo Di Tutti Capi 5 · 1⤊ 0⤋
Ask them why you are no longer eligible and then you can take it from there on what they will require for you to get the loan
2007-12-05 05:55:05 · answer #10 · answered by glamour04111 7 · 1⤊ 0⤋