If your loan has not been approved, BofA must provide you with the denial letter that will show you the reasons for the denial. If these items can be addressed or revisited, you should do that in the interest of keeping the deal intact. Sometimes, mistakes are made or things overlooked, and a conversation with your loan officer may get to the bottom of it.
If the loan was denied due to the property/appraisal, you will need this information if you wish to continue with the seller.
As with all things in life, before correcting the problem, you must know what it is.
Let me know if I can help at any time --- either with additional perspective or with a new loan setup.
You know more than you think,
And even if your loan is approved and you are a pristine borrower, there can be issues with the appraisal. The HVCC appraisal process can take 10+ days for an appraisal to be fully turned around. And then it can take another week for the lender to fully review the appraisal and possibly cut the value. So it is also smart to have a long appraisal contingency. The problem is sellers (especially REO's) want very SHORT contingencies! Which sets everyone up for some serious stress!
What was the reason your were given for the denial?
Here is what I can say. 1) Have you agent look at your contract look for I's to be dotted and T's to be crossed. 2) If he can't find any then go to his broker and have thir in house counsel step in if necessary and 3) Your loan agent should call the bank and find out what happened and rectify it. Don't give up hope, but make sure you get help.
I agree that finding an independent mortgage broker, preferrably someone who has been recommended by a friend or colleague who has used them. If there is a loan out there for you, they will find it. If they are knowledgeable and honest enough with you, they will tell you that there is not.
Hopefully you didn't clear your contingencies yet., Two of your contingencies should state that the offer is contingent on the property appraising for the purchase price, and for your loan to be approved within a certain period of time. If not, you can back out of the agreement and get your deposit back.
Try an independent mortgage broker. But before you do, what is the reason why your loan was denied?
Did the property not appraise for what you offered to buy it? If so, have you negotiated with the seller to sell at the appraised value?
Does your current income not qualify for the purchase price?
Anyway, try calling this independent broker. He may be able to help. He is here in the East Bay.
Personal Mortgage Consultant
Commercial, Residential, Small Business Lending
If you are within your contingency period, you can cancel your contract and get your deposit back.
Send me an email if you need more info or explanation.