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.
Changing required down payment...how is this possible?
Started by
gennygirl40
, Aug 01 2012 03:31 PM
2 replies to this topic
#1
Posted 01 August 2012 - 03:31 PM
#2
Posted 01 August 2012 - 03:36 PM
Call another lender. In fact, call up to 3 more and get some quotes to compare. You can totally do this with less than 20% down. Bring your quotes here for help.
#3
Brian B The Loan Professor
- Forum Leads
-
- 8,689 posts
Posted 01 August 2012 - 05:24 PM
Not knowing all of the other numbers it is hard to say if you will qualify 100% for sure but there are plenty of programs where you dont need 20% down -
Call around you will find someone
B
Call around you will find someone
B
0 user(s) are reading this topic
0 members, 0 guests, 0 anonymous users
