Tuesday, November 27, 2012

Is Changing Loan Programs Allowed?

A lot of people ask us if it's OK to change loan programs after they have signed a sales contract to buy a house.  For example, can someone change from an FHA loan to a conventional loan?

Although the sales contract may stipulate which types of loans are acceptable, we have NEVER seen a seller back out of a deal because the buyer wanted to change the type of loan.  If a buyer wants to change loans and it is a concern, the best thing to do would be to get an amendment to the contract signed by both the buyer and the seller, stating that the loan type has changed. 

The lender does not care about this part of the contract at all, so there's no need to amend the contract to satisfy lender requirements.

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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