I started a loan application in May to purchase my parents home. It was appraised for 525k and the estate was giving a gift of equity of 20%. The sales price was 420k. My lender approved me and advised I had to sell my current home before being approved to purchase the new home. I sold the home, finished all the loan approvals, inspections, etc. Got to the closing table and advised that the lender counter the gift of equity twice effectively lowering the purchase price to 315k and figuring the numbers from there. Now the lender is saying that my only options are to bring another 105k to the table or increase the loan amount. I cannot afford to do either. I am
Now homeless as my previous home sold already. The lender is giving me the run around and now I don’t have anywhere to live as a single mom. Any suggestions?
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source https://www.reddit.com/r/RealEstate/comments/1wazjo6/lender_error/
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