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Two days from closing and loan gets cancelled

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CedtheEntnr
Member

Two days from closing and loan gets cancelled

From what i understand, I was 2 days from closing I had already gotten the initial approval when the underwriter notifies the mortgage lender that she went against compliance. She pulled my CR twice because my score went up almost 30 points. The first CR she didnt give me a good faith estimate 2 sign so they tell me that they had to cancel my loan due 2 this. After i find this out I'm told that by law the mortgage company i was using will not be able to continue to work on my loan. This has been such a super stressful situation because I'm a self employed professional gambler but I do very well and this will be the 3rd month that we ave been in contract on the house. The previous underwriter didn't have a problem with this because she had dealt with other professional gamblers. Will my profession have any effect on my chances of getting the loan if I get an underwriter who hasn't dealt with professional gamblers before? The mortgage lender i have now said they can not deny me because of my job but yet she said it really depends on what kind of a mood they are in. 

Message 1 of 4
3 REPLIES 3
okley70
Valued Member

Re: Two days from closing and loan gets cancelled

When you say 2 days before closing did you get the clear to close? And was it FHA,USDA ext? 

Message 2 of 4
CedtheEntnr
Member

Re: Two days from closing and loan gets cancelled

It was FHA and from what i understand we had the clear on everything except for some kind of government part which is where the compliance became an issue.

Message 3 of 4
StartingOver10
Moderator Emerita

Re: Two days from closing and loan gets cancelled

I'm not sure I am understanding what happened.

 

FHA is a government insured loan. The loan has to meet certain criteria in order to be approved. Are you saying that the underwriter approved you but missed some of the criteria that FHA requires? What does your denial letter actually say?

Message 4 of 4
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