Posted on: 22nd Apr, 2013 12:38 am
Hello there… I am in under writing with FHA loan. They have various clauses which is becoming difficult for me to satisfy. Now their underwriter is asking for a letter from the CPA stating he did my taxes and I lived in same location for 2 years. This is already writing in my tax return! Now that they have pissed me off, I want to go for a conventional loan. Is that possible? I have a score of 717 and a down payment of 11%.
Hi Bennyy,
I presume the mortgage has not been closed yet. In such a situation, you should immediately cancel the deal. You will have to apply for conventional loan with the local lenders and check out if you can qualify for it. As far as down payment for conventional loan is concerned, you will have to put down 20%.
Take care
I presume the mortgage has not been closed yet. In such a situation, you should immediately cancel the deal. You will have to apply for conventional loan with the local lenders and check out if you can qualify for it. As far as down payment for conventional loan is concerned, you will have to put down 20%.
Take care
Hi Bennyy!
Welcome to the forums!
I agree with what Sara has said. You will have to speak to the lender and cancel the deal and then apply afresh for a conventional loan. When you apply for a conventional loan, the lender will check all the credit and financial details again.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with what Sara has said. You will have to speak to the lender and cancel the deal and then apply afresh for a conventional loan. When you apply for a conventional loan, the lender will check all the credit and financial details again.
Feel free to ask if you've further queries.
Sussane