Trying to get mortgage

jeffreychien · Joined: 02 Jul 2009 Posts: 1 1.59 Dollars($)

So I am working with a bank. I have putting 47% down payment on a 190k house. I have a DTI of 60% Credit score of 711.

It has been 5 weeks and still I have heard nothing. As of today they still have not gotten an appraisal report that was completed last week Thursday and they won't get it till Monday.

How does my scenario sound to any lenders out there?

jenkin7 · Posted: Fri Jul 03, 2009 12:55 am Post subject:

Hi jeffreychien,

You are putting down a very good amount of money. Though your DTI ratio is very high, your credit score is quite good. With the amount of down payment you are putting in and the credit score you have, I think you should get a mortgage. If the lender expects the appraisal report on Monday, I think you should wait till then. If you still don't get it, talk to the lender and ask them to clarify on the situation. If they fail to give any satisfactory answer, you can start looking for another lender. However, you will lose the money you paid for the appraisal or any non-refundable fees you have paid them for the loan.

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