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Mortgage denied in underwriting

Posted on: 09th May, 2010 04:28 pm
I was recently denied my mortgage in underwriting after being pre-approved. I work construction and have a base pay of 12.50 an hour and work a lot of prevailing wage work to bring my annual income over 40K and I have have a fico score of ~730. I told my broker this upfront during the pre-approval process. I was looking to buy a 80K house which was within my preapproved amount. Now they came back saying that they could only count my base pay of 12.50 and that I don't qualify even though my pay stubs and my w2's verify my additional income. My mortgage broker knew everything upfront so I feel like i got ripped off and have spent a lot of wasted time and money and the mortgage company isn't being very helpful in the situation and my broker wants to wait to see if I receive an expected promotion which would put me on salary pay however a negligible pay increase, which I didn't mention until after I was denied. I was just wondering if there is anything I can do about this situation. Thanks, David
Welcome dmaliwacki,

You can have a word with another lender and apply for a loan with him. Depending upon your financial situation, the other lender will let you know whether or not you would be able to get a loan. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you know whether or not you would qualify for a loan.
Posted on: 09th May, 2010 09:09 pm
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