Underwriter says NO

Talk to your loan officer... Determine why you are getting a no answer, and see if it is something you can overcome. I am guessing you are trying to buy a short sale or foreclosure. The selling bank will be reasonable, but will not wait for too long for you to get final loan approval.

This is a vague question but I will attempt to make some assumptions and answer it. If the sales contract is just between you and the owner/seller of the house, there is no way a bank can "hold" your house for you to buy. And if an underwriter turns down your loan application for a specific reason, chances are you will get turned down again for the same reason by a different underwriter at a different bank if you are applying for a Conventional or Government loan. This is because the majority of banks & lenders sell their closed loans to the same investors and must adhere to the investors' underwriting guidelines.

Assuming this is a short sale puchase that you are in contract on: The bank will take their sweet time approving the short sale but then once approved they will want their money ASAP. It's like wait wait wait then rush rush rush. If your first lender turns down the loan you will be at risk for loosing the property only when the purchase contract expires. Lending guidelines are very simular since the mortgage crisis so it's up to the loan officer to pre-underwrite your file. If your loan officer knows the business and is experienced then underwriting turn downs will not be likey. In other words... Any concerns your lender has should have already been addressed before you paid for the appraisal on the subject property.

Just wondering if you received the help and answer you were looking for? If not, feel free to email me directly to discuss offline. A direct conversation will result in much better assistance for your specific questions and scenario! Good Luck!

Is this a Short Sale purchase? What is the problem with your loan?

What are you asking?

Can you provide more info.

Need more info to help you.

Depending on when your close of escrow date is, the bank may grant an extension while you are still in the loan process. Lenders can implement guideline "overlays" so just because one lender may deny your loan, another may very well be able to approve you. I get about 2 calls a week from buyers who are denied from a bank and I end up closing their loan. If you are interested please feel free to call me to go over the details, I'd be happy to see if I can get this loan closed for you. 702-666-0156.

If the loan was denied you need to find out why. If it was because you did not meet a specific Fannie/Freddie guideline odds are you will run into the same issue with another bank. If the denial was based on something else, you need to figure out what the specific issue was an work with your loan officer to correct it.

Is it a shortsale/foreclosure or a normal purchase? If it is under contract on a normal sale they will abide by the terms of the REPC. If it is a shortsale/forclosure the bank can pull it at anytime regardless what the REPC states. Yes, you would have some remedy relief stance but would you be willing to pay all the legal fees to challenge the bank to sell it to you? Most likely not.

If you can be specific about why your loan was turned down there may be a lender on this forum that can assist you. Some lenders have their own restrictions, known as overlays, that exceed those of Fannie/Freddie/FHA etc. Direct lenders have options with no overlays which could allow you loan to be approved.

It depends on your financial contingency agreement - what does your Purchase Agreement say?This is a good reason why you'd want to get pre-approved for a mortgage, prior to entering into a Purchase Agreement.

The bank has no authority to hold, or not, hold a home you want to buy. You need to find out why you're getting a no answer, and take your loan to a mortgage broker. Banks really don't work at helping borrowers get loans--mortgage brokers do. Getting qualified can be a pretty slippery slope and to try to do it on your own, without an advocate, is extremely difficult. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 40quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.