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Updated over 6 years ago on . Most recent reply

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Dan P.
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Newbie, encountered first financing problem

Dan P.
Posted

Been on the forum for a couple months, literally listened to every podcast from the last year or so and my way to and from work. I have been looking at properties and have a pretty good Buyers agent, seems to be very competent and used to looking for investor properties. 

Found a property, made offer and my first obstacle I encountered was when I checked online my credit score was 752, I thought good to go. Called several places for loan based on this info, selected one and they said 20% down at 5.8% Term 30yrs and received pre-approval letter. When I called back with final negotiated numbers and had it under contract, they said my score came back 725 (middle of the 3 scores) and they now want to add $2000 in closing fees to get me at 5.75 OR they may be able to do the loan with 30% down but they would have to look into it. Is that normal? Should I move on to another bank? Another thing to note, was this is a small loan 84k purchase and they said there was no money to be made because my credit score was lower than I said.

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