SunTrust Loan officer's good faith estimate is now $3500 less than the the original amount, but it is a PROBLEM for me!

Asked by PZZ, Vienna, VA Thu Jun 6, 2013

because my credits from sellers and agent are now more than the closing cost, the bank doesn't allow credits to be more than closing cost.
what can i do?
can the loan officer be responsible for his mistakes?

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Answers

4
Faiza Alvi, Agent, Woodbridge, VA
Thu Jun 6, 2013
Dear Homebuyer:

I won't say it's a mistake, some loan officers like to give out the maximum estimates in the beginning of the process to lay out worst case scenario. GFE coming less than expected is actually a good thing, you can use this money towards so many different things which can be stated on the HUD-1 so it's approved by your lender. i-e, buying down your interest rate, home warranty, reduction in sales price etc.
Even if your agent is new in the field, he/she can surely get some advice from experienced agents in the company. Asking for help in the office always work and there's nothing wrong with that. Hope everything works out well for you and you have a smooth settlement. Hope this helps!!


Best Regards,
Faiza Alvi - Realtor®
AveryHess Realtors
703-389-7973 (Direct)
http://www.house2homeva.com
MILLION DOLLAR CLUB - PWAR 2011

I believe:
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
0 votes
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Thu Jun 6, 2013
As stated below, you use the extra funds to buy your rate down, if you're doing an FHA loan you can possibly use those funds to the MIP in cash,or worse case you can request a float down in the sales price and lower the seller credit accordingly. You need to speak to your loan officer and tell them you don't want that money to go back to the seller. Have the put their thinking cap on. There is a solution here, it just sounds like you're working with a Rookie!

Best of Luck!
0 votes
Beth Grant, , Virginia
Thu Jun 6, 2013
you might want to talk with SunTrust to see if you can use up the rest of the credits by buying down the interest rate.
0 votes
thank you Beth, the closing is within 24 hours, it might be too late to change the loan terms. i'll give it a try
Flag Thu Jun 6, 2013
Don Stewart, Agent, McLean, VA
Thu Jun 6, 2013
There is an answer, but if you are represented by another agent via a buyer broker agreement I can't advise you.
0 votes
This is more that a bit disturbing, can a buyer not even seek a pro bono second opinion in VA?
Flag Sun Apr 10, 2016
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