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I'm being overly pessimistic, I know. But I'm curious about this scenario. I have an application in for a mortgage pre-approval. Everything is super squeaky clean on my report with excellent scores (FICO 773, 768), seasoned downpayment + some in the bank, etc. Solid employment history (I'm so lucky in this job climate) and really good salary for the area I live. I'm requesting a conventional mortgage amount that fits within the standard DTI ratios, but is on the high side of those ratios. I figure that I should buy "big" now so that I don't feel the need to move later, thus getting potentially stuck with a higher rate.
I really think that it should all go well.
But . . . . what if, the reviewer (or the computer) decides that my requested amount is too high and the application is rejected? Will they come back with a "counteroffer", so to speak, indicating the maximum amount of house they think is okay for me? If not, can I reapply with a lower loan amount?
Or is it one shot and done, I have to move on to another lender?
Based on the information you posted you will be fine. If they cannot give you the amount you ask for they will tell you what they can give you.
Well pin a rose on my nose. Just heard back, and yeah I was worrying needlessly. Got preapproved with no issues. So, now it is time to go shopping!
You are on your way.
if the ratios are too high, i typically I typically come back with a lower number that the client CAN qualify for
any loan officer can do the same