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Old 09-01-2012, 06:54 AM
moneymoney moneymoney is offline
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Join Date: Sep 2012
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Default Conventional Loan Approval - Conflicting Info

Hi All,


I'm a first time home buyer and I've been getting conflicting information from different lenders on whether or not I'll be approved for a conventional loan.

To make a long story short, I have two lenders telling me that they can only approve me for an FHA loan, and two lenders who say they can approve me for a conventional or FHA loan.

I went through the full application process with one of the two lenders who told me I would be approved for a conventional loan, and they gave me full approval, not just a pre-qual letter.

The other two lenders continue to insist that if one lender can approve me for a conventional lone, all lenders should be able to approve me since they all underwrite to the same Fannie May/Freddie Mac guidelines and they all use the same investors. They say since I only have one line of trade on my credit report, FHA is the only option.

My question is, is it true that all lenders underwrite to the same guidelines, and that all lenders use the same investors? Since I got full approval from one of my lenders (required to have my offer on a home accepted), does that remove all doubt that I will be approved for a conventional loan from that lender when it comes time to pull the trigger on financing?

The reason I ask is because I went under contract on a short-sale condo that is not FHA approved, and I don't want to get three months down the road and have my financing fall through.

Any help is greatly appreciated.


Thanks
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