Regular Contributor
Posts: 147
Registered: ‎03-21-2012


My husband finally received the mortgage commitment letter but he had to pay all collections including the one not even reporting on his cr. This totals $11k.  Our LO is increasing our loan amount to cover these pay offs.  I am just curious how he is able to do this.  We were initially approved forb$135k our downpayment is $40k and our emd was $2k.  Purchase price is $178k and the home appraised for $180k.  The sellers are paying 6% towards our closing costs. Is the increase possible due to the amount of the appraisal? 

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Community Leader
Senior Contributor
Posts: 4,192
Registered: ‎03-06-2010

Re: Curious....

He is probably able to bump up the loan amount due to compensating factors: mainly the size of your down payment. I'm sure others that are more knowledgeable than I can comment more specifically.

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