So as some of you may remember I was Preapproved for a FHA loan to buy a home for 120,000. That house is now off the market. Well I have been looking around and the amount I was Preapproved for is going to be a tough price to work with in my area. There is one bank owned property that needs a lot of work. I was looking into an FHA 203K loan. It's in the area I need to be in.
The agent that showed me the house asked if I had a Preapprovel letter that showed how much I am approved for. I do not. This is something I questioned myself. Everything was done verbally over the phone. The agent recommended that I got this letter along with a copy of my report and portfolio. So I emailed my lender to get these documents.
I asked for
preapproval letter with my buying power limit
full portfolio
credit report that he pulled
anything else that will help me shop around
I didn't hear back for over a week. So I called him only to find out that he no longer works at the company that he use to. He just started a new job. Now he is saying that he will need to pull my credit AGAIN!! I said I don't want my credit pulled again and he went on to say that he can tell me what my limit is without pulling my credit as long as I know all of my payments and other financial information.
Now I realize that this can be a transient business and I myself have been known to jump around. I like the guy. I'm flexible. But I feel like I should have gotten this letter from the door. At this point I know I was approved for 120,000 with him at his last job. Another lender I was chatting with about a 203k FHA loan says he thinks I may be able to go up as high as 150,000 with the info I provided, without pulling credit.
I'm still looking for a house to buy. In my range in my area if and when one pops up I'm going to need to move quickly. I feal like i need and deserve this letter including my buying power limit, in hand. Should I be calling his last company demanding this letter? Or should I stay cool during his transition into his new job?
