My husband and I we pre-approved with BOA for $100,000 30yr fixed home loan, we got our buyer ready certificate and started the proccess. We found a house, got it inspected, paid earnest and option money, submitted all of the required doccuments (and them some), got utilities turned on at the new house, had furniture being delivered the weekend we closed - and then TWO days before closing they sent me an email denying our loan because there was a $36 charge on our credit. (a charge we were unaware of because they were mailing the collection to our old address and under my maiden name. I have been married for 4 years now.) $36! WHAT? We paid it and are getting it removed off our credit but they are dragging thier feet and it is pissing of the sellers. Now we might loose the house. We were supposed to get ou keys at 9am tomorrow morning. WHO ARE THESE UNDERWRITERS? WHAT ARE THIER GUIDLINES THEY FOLLOW? SOMEONE PLEASE HELP!
BOA, like most other large banks, sells mortgage loans on the secondary market. Therefore, their underwriters are following strict investor guidelines set by the secondary market investors. As you can imagine, all the turmoil in the credit markets has put them in a pretty tough spot. Unfortunately, they react by overreacting to anything that's a red flag. Do you have a local credit union or bank you can approach for help? Since they lend their own money, you may have more luck convincing them you're worth the risk of overlooking a small blemish on your credit report.
