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Replies (6)
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
Why not bid $5k less and see if they take it? Usually the maximum loan is the maximum loan. Can you raise the $5k by selling something? A motorcycle? an extra car? Just some thoughts. You can always try going back to the loan officer and see if you can qualify for$5K more... Just some tired thoughts....
- Evelyn Martin, "Jogginrealtor"
- Contributions:73
I suggest you discuss it over with the financial institution that preapproved the current amount and see what are your options. You dont want to find yourself buying a home that its out of your price range. You want to enjoy your home not be stresed over the payments.
- wetdawgs
- Contributions:26854
Be really really careful at buying at the maximum of your pre-approval. You may be eating beans and rice for the next few years.
- Ivan Isreal, "Ivan Isreal"
- Contributions:2
There are quite a few issues to address in your question. First, you can do as one poster suggests and bid lower to see what happens.
If that doesn't work, you should find out how much your credit score will effect the loan by asking your lender, no one knows this but them. If your score doesn't effect what you and your family gets rate-wise, you can move on (which is many times the case with FHA). If your score does negatively effect your rate, or your chances of final approval, I would suggest some credit consulting which can come from aa third party of directly from your lender. You'd be surprized how much difference paying off small debt can increase your score.
gGood Luck!
- Adam Cohn, "palmbeachmortgage"
- Contributions:130
find a lender that allows for a higher debt ratio and get approved with them.
- NTETS, "Mr Caveat"
- Contributions:6436
i'm with wetdawgs. if its at all possible, re-evaluate whether you would be happier with a smaller place. it just makes so much more sense to have that wiggle room in how your money is flowing.
the maximum you are qualified for is like "if you give up the little things like furnature, we'd consider loaning this to you"
go with the "i enjoy a date night once per week with my husband" level ^_)^
the maximum you are qualified for is like "if you give up the little things like furnature, we'd consider loaning this to you"
go with the "i enjoy a date night once per week with my husband" level ^_)^
my husband's credit is great, mine is not however we were approved for the loann, now he have to ask
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