Mortgage loan problems...?
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My husband and I applied for a mortgage because we were offered a great loan program. After applying for the loan we were told we made too much money to qualify for that program...the lender told us she "overlooked" that limitation...oops. So now they want us to pay a much higher rate. Do I have any recourse to get my application and appraisal fees back from the bank?
Mortgage loan problems...?You should be offered a refund for your fees right away. I would contact a legal services office near you. You may have to go to small claims court to get your fees back.
Mortgage loan problems...?MyCommunity has loan limits as also some county programs or state programs.
The loan officer should've known about this!
If it's a refinance....you can only get your money back when you RESCIND on the refinance. you have to sign the documents....then rescind it. By law they have to refund every penny back.
If it's a purchase then you maybe out of luck
EDIT* FHA has no income restrictions...but they have loan limit restrictions
MyCommunity/HomePossible are Conventional products...but have income restrictions which may overlooked if you're in a FannieMae Neighbor area.
Mortgage loan problems...?Obviously, you are applying for an FHA loan because those are the ONLY loans that have income limitations.
If it is anything but FHA, then your lender told you a big fat lie. I am leaning toward your lender telling you a lie because if you were applying for an FHA loan, I feel strongly you would have said so.
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