The Mortgage Broker.
Q: Chances are you don't have a contract or an "Agreement to Lend" from the mortgage broker.
A: The Loan Officer should have contacted you when the program went away and at least denied your application to free you to look elsewhere. Looking at the date and hearing the story I am quite sure that it was a national program offered by a major lender and it did indeed go away. They still could have kept you in the program for a few weeks (if you were locked) but even to get into the program the house would have to have been finished and you could not have had any charge-offs. If you did have charge-offs and you paid them that actually will greatly help your credit rating overall. Depending on your credit there may be other programs available to 100% which would reduce your out of pocket expenses. The builder can still contribute seller concessions - and they should. Your buyer's agent (you have one, right?) should easily be able to negotiate this for you. Remember, if you have credit issues and are having a Broker negotiate a 97% or 100% loan for you it's not necessarily easy and there are no guarantees that the underwriter is going to approve even a perfectly prepared file. If there is something they see that they don't like, they usually don't ask questions; they deny the loan. It's their job to be suspicious and to try and protect their boss's money. Working with a national Brokerage is usually an advantage because the local Broker or Loan Officer often has a little more pull with the lender. Either way, if you have this resolved, great. If not, feel free to call my office and we'll look at your situation.
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