My husband and I spoke with a realtor and a mortgage broker about selling our current townhome and buying a house. We have 3 kids (8 years and under). Hard pull was done on our credit and we were "Approved Eligible" in which we were told by the mortgage broker we have to sell our home for no less than X money and buy for no more than X money. Well my house receives an offer fairly quickly (4 days after going on the market) and we docusign papers on a Wednesday night at 8. Friday morning at 11 the mortgage broker tells me that we are only approved for X amount which is $50,000 under what we were told and we're expecting. Which gets us NOTHING. So he tells us our choices are buying for that amount or rent something out until credit is fixed. My credit is over a 700. I make more money than my husband. My husband's credit is 526. The broker tells me all these hypotheticals, if you pay this debt off, if you pay this collections off, etc. it'll bring his credit score up. So we did everything he told us to do and he still tells us his credit is only at a 575 and he needs it at a 580. So now at this point I have no where to go. I don't have deposits (first and last month) for a rental, I don't even want to rent anyways because we want a house for our large family. Did I get screwed? What do I do? Talk with another broker? Call lenders myself? What are the chances my current mortgage bank offers me the amount I want? Our mortgage is paid on time monthly. I'm not behind any payments. HELP PLEASE!!!
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source https://www.reddit.com/r/RealEstate/comments/1bgs2n5/realtors_brokers_lenders_anyone_what_do_i_do/
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