FAILED CLOSING - PLEASE HELP

[Anonymous]

if DTI was near limits, opening a new account, whether charged or not, could have killed the deal..  But, that should only have mattered if DTI was high.

My guess is that the score drop is the issue.  Is this conventional or FHA.  I know getting loans on co-ops is alot harder than a normal mortgage and there is a chance that your score no longer meets the criteria.  There may also just be an issue with the co-op purchase that has killed the deal that has nothing to do with you, but the deal/co-op.  Unless you were stretching really thin to get an approval, I doubt the new card is an issue, but the score drop with the 2 inquiries and the new account may very well be.  Who knows until the UW answers.

[donkort]

I do understand what you mean.  Chase doesn't know my intentions (which, of course, is to not charge anything on the card!)Thank you for wishing me luck.  I hope it's truly just a technical problem, and that Chase will resolve it.   If not, I'll have to go somewhere else.

[donkort]

Our DTI is really decent:  The total debt, mortgage plus other debts, would come out to about $1,600,on a combined $11,000 per month salary.  If the maintenance is included, it wold be about $2,200 on a $11,000 monthly salary (20% DTI, even with the latter figure).  I'm going conventional.

My lowered FICO score was caused primarily by inquiries. If it's true that the lowered FICO caused the "rejection" (if it's a rejection at all), the LO should have been upfront about it.  I don't understand why he didn't speak to the underwriter, then relayed what the underwriter said to me.

[Anonymous]

thats why it does not make any sense to me either.  I am guessing it has more to do with the co-op than you, but really we are all guessing here.

[Uborrow-Upay]

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@Anonymous wrote:
thats why it does not make any sense to me either.  I am guessing it has more to do with the co-op than you, but really we are all guessing here.

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+1

Every co-op deal I ever did on behalf of clients was a hassle, starting with finding a lender.  Guessing here at a previously undisclosed encumbrance, but anything's possible.

[donkort]

Thanks, everybody, for your insights