Mortgage Denies my loan

[Jonathan Valdes]

Hey BP!!!

So I’ve had this amazing duplex under contract since May 2019. All parties are ready to close. My lender is now telling me they will not give me the loan to purchase the house. Their reasoning behind is I “dont qualify”.

Quick background:

Sale price - $414,000

Taxes - $7,100 now are $9,400 (according to lender)

Homeowner isn - $1100yr (was $1740, but I got a better quote)

Flood insurance- $3020yr (I tried to shop around)

I have $10,000 Ernest $ in the deal.

I am going FHA here.

It’s in northern New Jersey....Bergen County.

Any ideas how to save this deal????

Please I have no idea what to do next.

[JM Payne]

Great deal background, but what's YOUR background?  They're telling you that you don't qualify, not the deal.  The short answer is that you need to find a new lender, and you need to find out exactly what about you doesn't qualify and what you can do to rectify that.  Without more cash, you are probably stuck.  If it's truly amazing, maybe you can assign it for a fee and pocket some quick cash for the next amazing deal?

I hope that helps.

- JM