Posted 01 August 2012 - 03:31 PM
On may 7th received preapproval for $250,000 with 5% down and with contigency to sell our existing home. We sold our home June 29th. Tomorrow we are scheduled to see a home that we love and have a good feeling this one it. We called the mortgage broker to get updated preapproval since its been almost 90 days and was told by broker bank now was 20% down. We have no idea what we are going to do. We do not have 20% to put down. I am sick to my stomach over the fact we sold our home and now cannot buy a new one. The broker told us "banks have tightened up". Should I try someone else? I'm assuming a broker has many different banks they use and they are telling us no one can help us. Scores are 690-700 and there has only been a few points difference since the first preapproval and this is because the score dropped when the old mortgage was paid off.