If I understand you correctly, you are pre-approved by the mortgage lender for X dollars; you should be good to go. When you say pre-approved I hope you are saying the lender has run your credit, collected all financial documents from you meaning you would be good to go to close in 30 to 60 days for X dollar amount loan.
On a side note, if you are pre-approved, don not open any new lines of credit (do not purchase a car, etc.) until after you have closed on your new home.
Davy if you are only pre-qualified I can understand why a builder will not accept that.
I work with the VP of Guaranteed Rate and they fund their own loans. Call Tracey Campagna 773-383-1405.
Best of Luck,
What type of mortgage broker or bank do I need to go through?
The builder owns the lot, will secure the construction loan etc. the builder needs 5% down minimum, signed contracts, and a loan commitment letter.
I need a loan commitment stating that the lender will approve my loan when it comes time for closing in approximately 90 - 120 days. This is not a construction loan or construction to perm loan. there are no draws, and no actual loan until the home is completed.
This can't be so uncommon, people sign contracts and builders need to know the buyer will get the loan. A lot is at stake otherwise - the builder could get stuck with the home and we could loose our down payment.
Anyone have any idea of what to do?