I bet the problem is deeper than you think. Did you actually sit down with the loan officer and go over everything, including your support documents, like tax returns, pay stubs, etc.? Loan officers sell money, yes we do, so we try to make it as easy as possible. If the LO didnâ€™t require you to furnish ALL of the documents an underwriter MUST review before the loan can close then I wonder if you qualify at all? Based on my fall out ratio due to my clientâ€™s buyer not making it to the closing table because the LO issued a preapproval letter without support documents, I estimate that 30% of the preapproval letters out there are not valid. NARâ€™s reports appear to support my theory.
If the LO will not take the time to review everything with you then move on, find someone that will.
Millions of dollars are wasted every month due to appraisals, home inspections, forfeited good faith deposits, time, etc. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.