I have a question about a pre-approval on a mortgage. We got a pre-approved for a $625K FHA loan in CA. We entered into a contract to purchase a home for $1.05M meaning we would put $425K++ equity into the property. About a week later we locked in the rate. The lender reneged on the commitment without disclosing a reason why. My salary is $240K+ with a combined credit score over 750. The mortgage broker shopped the loan and four other lenders agreed to do the loan but obviously would not honor the terms. No additional information was requested from us. Recourse????
1 Answer from Attorneys
Your recourse is pretty much determined by the documents signed by you and the loan company. Review the documents.