The bank changed our LTV???

[Zak Parks]

Hey BP. Gotta quick question. We've had a house under contract for about a month and a half. A month ago we signed our intent to proceed forms and loan estimate with 80% LTV. Closing was supposed to be a few days ago. Today, we received approval forms to sign quoting us with a 75% LTV. Needless to say, we would've gone with a different lender and not wasted the last 45 days if they had said 75% from the start. I was under the impression that the TILA/RESPA rules disallowed this number to change after we signed the loan estimate. Can anyone confirm this or am I SOL???

[Zak Parks]

Thanks for the input everyone!

@Chris Mason you were close.  Dug up the papers and it looks like they put it down as a 1 unit. @Anthony Gayden is also correct. I quadruple checked with the loan originator that they could give 80% on an invesmtent duplex and he assured me they could. So I assumed they were keeping the loan in house but now in the 13th hour I'm learning that's not the case. 

I was originally talking to another portfolio lender that was going to do 80% LTV but for a higher rate which is ultimately why we chose the other bank. So this is why I'm frustrated. The seller needs it gone by the end of the year so if I have to spend another 45 days getting financing elsewhere, he'll just give it to the next guy who can pay cash(it's an off market deal that he'll have no problem unloading).

Alright I think I'm done ranting now. Was just trying to figure out if I could hold the bank accountable in any way but it looks like I'm SOL.