Until I understand your entire situation, it would be hard for me to second guess what happened. Your loan officer might be new in the loan profession and didn't understand the qualifications for that particular loan program (over promised). You must meet FICO (credit score), income, and ratio requirements so something might be wrong in that area. Also, when the lender pulled your credit report, something could have popped up that you weren't aware of. The bottom line is that something went wrong.
If you were declined a loan, you should have a clear understanding on why. Ask your loan officer. If he can't give you the answers you need, speak with his broker. Or speak with someone who has experience to get you a loan!
I'd be more than happy to talk to you about your situation. I've been in the mortgage industry twelve years. Call me at (661) 255-3335.
Cheryl Garner, Mortgage Expert
Fairview Mortgage Capital, Inc.