Home Buying in Rochester>Question Details

Misty, Other/Just Looking in Rochester, NY

my husband and i both have 600 score, we made sure there are no lates on our credit for a year, and received

Asked by Misty, Rochester, NY Sun Aug 3, 2008

a preapproval from a mortgage company. Now we are being told that b/c we still have two old debts on our credit the bank wont give us a final approval. problem is we have put a down pymnt on a home, any suggestions?

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Depending on the type of debt that is still left to correct, I may be able to offer some new suggestions to help save your deal. If you are using FHA, more than likely they will not want to see any collections/judgements since they have the potential of becoming liens on your property. Please call with questions.

Darryl Nunes
HSBC Mortgage- 585-899-9445
0 votes Thank Flag Link Fri Aug 8, 2008
Did your mortgage company outright say you are being denied for a mortgage due to the 2 debts? Are the 2 debts on your credit report been paid off? Did they give you any advise on resolving the issue on your debt? Sometimes the bank will have you wright letters to resolve the issues or have you pay them off in full. However, when the sellers accepted your offer -- it should have been subject to removing your mortgage contingency.... And therefore, if the bank says you have been denied, then you would receive your down payment on the house, but you would need a letter from your mortgage company stating that fact...

0 votes Thank Flag Link Thu Aug 7, 2008
Mortgage Contingence, my dear Watson. Never leave home ( or deal with an agent) without it.
Web Reference: http://Paulmvpteam.com
0 votes Thank Flag Link Sun Aug 3, 2008
The offer should be contingent on mortgage approval as well as your attorney; talk to your attorney and salesperson,
Thanks for the question, Ray
0 votes Thank Flag Link Sun Aug 3, 2008
Check with your agent. The purchase offer should have been contingent on mortgage approval.
Good Luck
0 votes Thank Flag Link Sun Aug 3, 2008
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