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Time to look for another lender??

Posted on: 17th Sep, 2013 12:52 pm
We started the mortgage process about 3 months ago. My husband and I want to buy a home for $250K. We've been stuck in "quality control" with a company called Carrington Mortgage for a while now. We were supposed to close on the 6th and ever since there it been one reason or another for not making it to the closing table. I am fairly confident that they can't get it done, though I'm not really sure why.

I'll tell you all the warts.

1. We have a combined score of 630
2. We have an income of around $130K - $140K
3. I have a foreclosure, sort of, however the FHA Atlanta home office has approved an FHA loan.
4. We have 3.5% down.
5. We have already written a contract, actually, we're already in the house (this might be the scariest part of all)
6. The FHA appraisal has appraised the house already at $5K above sale price
7. We have high credit card utilizations

So, should we start looking for another lender? Stick it out until we get a firm denial or approval? And if so, how long should we wait (we have to pay $50/day to be in the house)
Hi britishbatty,

With the details that you have provided, it will be easier for you to get a FHA loan. As your present lender is not providing you with a loan, you may contact other lenders for the loan.

Thanks
Posted on: 17th Sep, 2013 07:44 pm
Hi britishbatty!

Welcome to the forums!

This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you will qualify for a loan.

Feel free to ask if you've further queries.

Sussane
Posted on: 18th Sep, 2013 08:34 pm
It wont hurt or cost you anything to have another lender consider and process a loan for you. I would certainly get in touch with someone else as a back up
Posted on: 26th Sep, 2013 12:44 pm
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