To all of the mortgage experts out there. Yesterday the stock market took a huge tumble and they claim it's related to all of the subprime mortgages that were done in the past. How will this effect the current mortgage approval process?
Here's my scoop:
I am having a house built and am due to settle August 16th. I have been approved for a mortgage with a mid-score of 635. I am putting 20% down and my DTI is very low. Both my husband and I have stable employment (me 19 years, him 10 years). My home is being initially financed through the builder and will be sold to Countrywide after 3 months. I opted to go with builder financing because of all of the incentives. My rate is 6.625%. Finally, my question: can the builder and/or Countrywide come back and now say they have tightened their credit policies and withdraw my approval?
