Asked by Samanthacouch29, Mitchell, IN • Sat May 5, 2012
My loan officer told me I qualified for a conventional insured loan and I put that as a contingency on my purchase agreement. However, I found out that I don't qualify and that the pre approval letter he sent out was for an FHA. The home isn't in bad shape but needs a lot of work to qualify for an FHA (it was built in 1892 and has peeling wallpaper, unfinished floors, and peeling paint). Now, we don't want the house because we would have to put a lot of work into it before it could even pass an FHA appraisal. The seller's real estate agent refuses to return the deposit even though our loan officer sent a letter saying we don't qualify for pmi. Can they keep the money? How do we get it back?
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!