I was pre approved for $138000.in Aug then in sept it changed to $115000. when does the 90days to close start?

Asked by Tina, Batavia, OH Fri Oct 12, 2007

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Jim Walker, Agent, Carmichael, CA
Fri Oct 12, 2007
Here is what I think may have happened from
gathering your previous questions:

was an error on app (debt ratio)so they said they could only approve the $115000.
this approval was in 9-07.
I was pre approved for $138000.in Aug then in sept it changed to $115000.
when does the 90days to close start?
how will it effect my credit score if the bank runs it again?
Buying a mobile home on land already approved but lender now wants to wait till home is set up before closing.
how long do I have to close after I'm approved for a loan?

When a lender issues a pre-approval, there is commonly verbiage that states that the approval is subject to verification of the numbers on the application.

Your debt ratio increased relative to your income either becase your monthly payments on the credit bureau were higher than the application or you average monthly income is lower than was stated on the application.

A third possibility is that the interest rate and qualifying payment rate that your debt ratio was calculated on has increased.

A rate and payment increase could be triggered by external factors such as the national “credit crunch” or personal factors such as your own credit score or even the condition of the property that you are buying.
0 votes
Emily Erekuff, Home Owner, Menifee, CA
Fri Oct 12, 2007
Hi All,

Tina provided some additional information to this post at the following link and the link below.


Best Wishes,

Emily Gibson
Customer Service Representative
0 votes
Brett Dunne -…, Agent, Upland, CA
Fri Oct 12, 2007

Your question is a little hard to comprehend. Can you re-phrase or give additional info?
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