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jamevfan wrote:
Hello all I have just went through the most disappointing process and I am hurt but yet hopeful, I was told by the loan officer the builder reffered me to that I may have a chance of getting appoved for a pre approval so the builder can start the building process with a 602 middle score with the condition that by the time they finish building my score would be at a 620 so that we could close. Needless to say we were so excited and looking forward to the building process when she called me late last night saying they declined they deal, I paid a 75.00 application fee and wasted alot of time, should the loan officer have known whether or not they deal would go through? I have had lates in Jan or this yr and I kind of knew that it would be a slim chance but she made it seem like I would be approved so i went with it, she said she wanted to see if she could get it approved manually because the automated sytem would have just kicked it back. ugh im so aggravated, but I think I will wqait for my score to get up to 620 so i can choose who Ide like to go with, anyone know of any good banks who will go for lates in the past 6 months, i have tried to get them off but it look grim. Pls help!
Fortunately, you are only out $75 and your time. It could have been worse - you could have lost that $1000 in earnest money that the builder was trying to extract from you.
As had been mentioned on your other threads, it does not sound like that LO ever had your best interests in mind. You were told conflicting information, and no reputable LO would have promised the things that you were told.
I know you felt under the gun to buy a home to take advantage of the tax credit, but the reality of the situation is that you need to rebuild your credit first, and then shop for homes later. Even people with good credit are having trouble securing mortgages.