I’m currently under a contract and my bank did not approve my loan in the last minute,

Asked by Tuta, New Jersey Wed Mar 18, 2009

what are my other options? Can I still go on with buying by getting the money from other sources? Should I go for FHA loan?

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4
Ruth Bonapace, , 07030
Wed Apr 15, 2009
I recently joined Trulia and I am a mortgage professional who does a lot of work in Bayonne and other areas of Hudson County. I am assuming you've gotten this straightened out by now, but if not, contact me and I'll be happy to review your situation.
Ruth Bonapace
ruthbonapace@gmail.com
201 741 5269
0 votes
William Leigh…, , New Jersey
Wed Mar 18, 2009
Tuta: There are many banks and many loans. The best thing to do is to shop around. Not all lenders work in the same way. You may find one who will accommodate your deal, FHA or conventional.

On the other hand, we don't have a clue as to what the bank did not like. It could be that the appraisal came in low. If that's the case, a bit of negotiation with the seller may be in order. He may have to lower his price to get the property sold.

Finally, the sales contract could now be voidable. If you do not have a mortgage commitment, either party can usually call it quits. If the seller has other prospects, he or she may well want to move on. You might also wish to do the same. Either of you should be able to cancel, if the contract is written that way and most of them are.

Lots of Luck.
0 votes
Caroline York, Agent, St Petersburg, FL
Wed Mar 18, 2009
Just because one lender turns you down does not mean that all lenders will. Howeve you must check the financial clause on your contract since often you have to get financing within a certain number of days from the effective date of your contract. Talk to your realtor, check the dates and if everything is okay then head to a lender and discuss other financial products that may meet your needs. Good luck.
0 votes
Thomas And P…, , Hillsborough, NJ
Wed Mar 18, 2009
That is terrible news. Do you know why. Is your credit ok but you still need more money down. Is your credit score the factor. Have you seen your credit report? These are things that you really don't want to have out on the internet but talk with your mortgage person. They already know what your financial situation is and should be able to direct you to a program for you. If it is your credit score, find out why it is low. If you can write letters to the credit companies and to the Company making the poor credit claim against you to try and get the discrepancies' cleared up as quickly as possible. If you feel that your mortgage officer is not working for you, find someone else. You are not obligated to go with that person. Good luck.
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