Help Mortgage lenders!! I am suppose to close on a house today!?
I was suppose to close on a loan today at 3pm and the loan officer calls me up last night at 6 pm and said that she didnt factor in the right amount on the real estate taxes, PMI, and house insurance. Now the payment she quoted us from the beginning and what was on the Good Faith Estimate has jumped $ 300. She says there is nothing else she can do? What are my rights here. I feel like she has done us wrong. I have paid out of pocket to put a contract on this house and for the appraisal and for the termite inspection. Now the night before closing she tells us all this. Please help!! We really want this house and would like to close on it but I cannot agree on what the payments have jumped to!
The first program that she was trying to qualify us under was called Community Homebuyer’s through Fannie Mae. Well I have since found out that you cant make more than $ 38,000 a year. Me & my husband make like $ 25,000 a year a piece so Im not sure why she would even try from the beginning to qualify us on that. I feel so betrayed!! Now last night when I talked to her it was sort of like take this or leave it and I feel like we should have more options like a conventional mortgage, etc. She says no. I think she has made a large mistake and now we have so much money out of our pockets sitting here that we just lose and she dont care!
We have not changed anything and have not bought anything. The program she was trying to qualify us under she says dont make you have PMI and when she seen that we fell out of that program by our income then she had to factor in PMI. She under estimated the taxes by $ 800 and only calculated our insurance per year at $ 400 and it was $ 829. She says she has been doing this for 20+ years. I could have told her how much the taxes were b/c you can look that up online through our courthouses web site. I think she sort of jumped the gun by having us get the appraisal done before knowing all the bottom line figures here!