I am so FREAKING pissed. Everything was set on the house. We were pre approved for a mortgage for more than the buying cost yet today the mortgage company calls and informs me that we are now not going to be approved because my contract is only till the end of June (school year). So I go to an administrative and explain my predicamine and they agree to write up a contract for employment for next year on the spot. Great I think I'm in the clear. I fax off this document and wait to hear the good news. Now the mortgage company explains that I am paid per diam and that is not good enough. WTF- I make way more than a mortgage would cost, let alone what my wife makes and yet now we're being told we can't get a mortgage. Why the heck were we approved in the first place then.

 

sorry to hear that you have to go through all of that hassle to get a loan, why don't you just go to one of those mortgage offices that works with more than one lender, they can get u a loan fast. good luck man i hope u get the loan

 

do you have a credit union? they are usually pretty good to work with. good luck! Its a very stressful time so hang in there.

 

This part of the fall out from the sub-prime crisis. Lenders are getting back to looking at employment history and duration. Try another bank or mortgage company.

 

Thats exactly what this is, like the rest are saying start shopping around. You will probably do best with the credit union angle on this one. No offense cubby.

 

Sorry to hear. Ive had home buying issues in the past and they can really suck. You get so excited only to be so disappointed. But you have time to make arrangements with another lender.
All is not lost. Good luck.

 

This mess is reeking havoc on my motorcycle approvals - argggggggg

 

Yea....Loan to Value on home equitys are dropping for me from 90 to 80% Between that and lower appraisal values....life will be tough.

Not unsusal to go through the lending process and have this happen....preapprovals ofter look at stated income and credit history. As they get father in to the process this crap happens. Underwriting these day has taken a swing to the other extreme...from laissez fair to blood test and first born. Sucks that you are getting caught up in it.

PM'd you...

Fed is meeting on th 18th and should drop rates .5%....this doesn't help mortgages but this should directly impact Home equity rates. Usually home equity underwriting is not as stringent as traditional mortgaage.....so if you were really in a crunch, you can do a purchase money home equity loan...your rate would probably be higher (not a whole lot) however you would have a lot less costs.

 

I'll start shopping around. Thanks