I was pre- approved for a mortgage with one very large public traded banking institution......the loan officer at that bank called me about 1.5 weeks ago to let me know the preliminary numbers for closing....long story short...closing cost's were near 16K....he was kind enough to say, I would like to not have you spend all that money on closing and suggested that I try local bank that has been in business for over 130 years and specializes in new construction...they are self funded, don't sell there mortgages etc...the kicker is that they are extremely conservative about there lending practices.....Upon my initial meeting with the LO at that bank, I cleary stated that I started my new job in May but that I am still in the SAME field/industry only working for different company......I point blank asked her if this was going to be an issue with the underwriters, she clearly stated NO NOT ALL....well what do I get in the mail, the rejection letter from that bank stating my employment length is not sufficient along with the statement about a collection, which I thought might be an issue however again I clearly stated with the LO at the bank that I was fighting with the insurance company on that collection because it was a co-pay and it was at a point when my insurances were changing, she said shouldn't be an issue....what I am most annoyed with is the employment issue....I feel 100% she mislead me....because I have done alot research in that area and every lender has said to me as long as you are in the same field with longevitiy it is not an issue....oh and by the way....I am putting down over 20%, my only debt is my student loan and a 500 credit card. My annual income is 90K......Again, upset, annoyed, happy & sad all at the same time....
I know the glass is half full, I am already approved with my initial lender and wanted to know if anyone else has experienced something similar.....if so, what then did you do when this occurred with you.....
FYI....my credit score is now at 711
