If you made the offer contingent up getting financing, then you should be able to get them out of this offer. It sounds like their initial loan plans did NOT go through and therefore they did not "get loan approval". You DID make the offer contingent upon them getting financing, right?

Mon May 12 2008, 16:21

Check out my house for $127,900. It is absolutely gorgeous. I love the house to death but we need more room. It would be perfect for them. har.com 4847 Monarch Glen Lane, Katy, TX We would definitely take a buyer with a FHA loan.
http://search.har.com/engine/dispSearch.cfm?mlnum=9669577&ba…

Mon May 12 2008, 12:06

Hi Pamela,

You need a new loan officer. I'll be glad to share contact information of a very competent LO. he is an expert in FHA. Give me a call

Juan Carlos

Mon May 12 2008, 05:29

If the fiance has a "job Offer" in writing including salary..you should still be able to use her ...what are the reasons the loan officer wants her removed??

Sun May 11 2008, 15:19

I'm wondering from what you write if the hitch isn't with her credit report.

Since the loan officer wants the loan in his name, it sounds like he has the better credit score and the income to qualify. If she's graduating from a master's program and moving cross-country, she probably does not have a job lined up yet and her income history may be from student loans, grants, fellowships, and teaching assistant stipends, none of which are available after graduation.

If she does have a job lined up, her income may be able to be considered in the future towards qualifying for a loan.

If you haven't already, you need to clarify what's going on with the loan officer and the lender. Difficult as it might be to admit, it might be best for them to rent for six months or so and get settled in to the area. They're residency and employment situation will have stabilized and they'll have greater familiarity with the area to know where they actually would like to live.

Sun May 11 2008, 14:42

Pam, Ask the loan officer if the DPAP he is using requires the buyer to be a resident of Texas for a certain period of time. May be a city grant backed by FHA... That could be the hick up...

Naima

Sat May 10 2008, 19:20

Lending has changed with sooo many changes they may not qualify for what the loan officer thought, if so then matter of locating another house, cancel the contract under the terms they were declined a loan. Or they could possibly put more money down to move forward on the house which is contracrted.

Sat May 10 2008, 15:58

Pam, It sounds as if the buyers might have bitten off a bit too much to chew. You should be able to get a letter from the lender stating that their third party financing for the $175K loan is in the ditch. Get it and submit it asap so that, as long as they are in the stipulated time period, they can get their earnest money back. Now you are going to have to do double the work because they have already fallen in love with a house that that can't afford and you will need to find them something that will work in a price range 30-60K less than their dream home. You might try HUD homes, they are typically very good bargains....
Good luck with your search!

Sat May 10 2008, 15:07