mortage company

zulaicaus · Joined: 04 Nov 2009 Posts: 1 1.32 Dollars($)

Currently I am purchasing a new build home. We are suppose to close on November 6, 2009. I was told that currently the mortage company is barely verify all information. I was told they could not guarantee whether I would be able to purchase the home or not. I was told that mortage lenders are experiencing new laws Is that information true. How or will I be able to purchase my home.

jenkin7 · Posted: Wed Nov 04, 2009 10:43 pm Post subject:

Hi zulaicaus,

I do not agree with what you have been told. Mortgage companies are far stricter with loan approvals these days. The sub-prime mortgage crisis has made underwriting guidelines quite stringent. Lenders now verify your information quite carefully and approve your loan only if you qualify for it. You have not mentioned your credit score. What are your scores? What is your approximate income? Will you be able to afford the mortgage payments with the income that you have?

gmakerley · Posted: Thu Nov 05, 2009 10:05 am Post subject:

zulaicaus, what i fail to understand is how you came to this late date without knowledge of the mortgage situation. have you worked with a loan officer? has said loan officer asked you for any documentation?

it's painfully obvious from your post that you won't be closing tomorrow as planned. you need to nail down precisely what it is they need to help you achieve your goal of making this purchase. if your loan officer is absent (physically and/or mentally) then you need to find someone within that organization with a head screwed on straight who will give you real answers.

i just don't get it - it's far too late in the process to be bringing up these issues.

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