Asked by Jmartin57, Tahlequah, OK • Tue Aug 13, 2013
I am purchasing a Fannie Mae home with a Homepath Renovation loan. The lender contacted me today saying they could not do the loan. They say that I must finance this house as a second home.
I own a house that I mortgaged in March of this year. It was my primary residence. I was relocated by my employer in June and put an offer in for this house at that time. It is in my new work location. I intend to keep my old house as my son is living there while going to college. I intend to live in the new house.
the underwriter says that I knew I would be moving when I financed my first house and misrepresented it as my primary residence. This is simply not true and I can back that up, but they never bothered to ask me.
At this point, 45 days into the process, I dont see how I can manage to close within Fannie Maes timeline if I find another lender. If the deal falls through, I am out the house and also the money I have spent for inspections, etc.
Can I recover these costs from the lender?
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