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Officially declined for mortgage..

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JenniferinFL
Frequent Contributor

Re: Officially declined for mortgage..

The seller is talking about extending, so we'll see. We sent over our copy of the request for an extension and we'll see what happens. The lender that declined us sent our file to our realtor so that she can forward it to a couple other brokers she knows. Found out that our file had already been approved through the USDA underwriting system. Yup, USDA approved it, but, bank decided to shoot it down.. I just don't get why they bothered to send it to USDA when they were looking for a reason to have this deal fall apart. We found out that my husband will still get one more paycheck from the temp agency and they can still verifyy his employment through the temp agency. His employer even offerred to stop the hiring process until after the house closes, but, now the lender won't touch the file anyways.

Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000

Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009

Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex 688 (10/07/2014 Swagbucks)

Gardening since 9/22/2014


Message 11 of 12
StartingOver10
Moderator Emerita

Re: Officially declined for mortgage..

Banks get in and out of portfolios all the time.

Your denial may not be related to you or your file at all. It just may be that the lender has reached their preset "capacity" for your particular loan type (eg USDA/primary etc).

The lenders always make it look as if its the borrower when in some instances, it is just a change in the lenders' own portfolio capacity.

 

Based on what you have posted, I would do as you are doing and seek your loan from another lender. You may be surprised Smiley Happy

Message 12 of 12
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