I am about to close on a property that I dont think I qualify for. When I saw a house I like which is $360K, my real estate agent recommended a loan officer who she says can help. I gave all the necessary documents to this loan officer, got an appraisal (done but I have not seen the document), and right now, it seems my loan is approved and still on tract to close in 9 days. The monthly payment is way above my comfort zone, and I dont understand why I was qualified for this loan.
I have expressed and written an email to my loan officer and real estate agent that I dont think I can afford this house within the 5 days of changing my mind, but was talked our of it. Reputable mortgage calculators indicate that with all the money I make, loans that I need to pay and such, that I can only get approved for a loan with $260K max. Sure that I can stretch my finances to cover my monthly mortgage to some extent, but based on the documents I gave the loan officer, there is no way I can qualify for this $360K loan.
Now, I stand where I can lose my 3K earnest money and possible lawsuits from the builder for backing out. is there a law that protects consumers from loan officers that put consumers in this situation?
thanks,
Fred
I have expressed and written an email to my loan officer and real estate agent that I dont think I can afford this house within the 5 days of changing my mind, but was talked our of it. Reputable mortgage calculators indicate that with all the money I make, loans that I need to pay and such, that I can only get approved for a loan with $260K max. Sure that I can stretch my finances to cover my monthly mortgage to some extent, but based on the documents I gave the loan officer, there is no way I can qualify for this $360K loan.
Now, I stand where I can lose my 3K earnest money and possible lawsuits from the builder for backing out. is there a law that protects consumers from loan officers that put consumers in this situation?
thanks,
Fred