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Got back with Penfed and got my pre-approval letter today and didnt have to pay some silly $500 commitment fee. Needless to say, I told him I’d never pay $500 for a commitment and that I’d go elsewhere. That’s when he insisted that I pay the $500 and even told me if I didn’t then this “deal” would expire at the end of the day. I told him all I wanted was a pre-approval letter and we get more serious as we got closer to closing. I laughed and reminded him that this home won’t be built and ready for move in until January, 2019 and if I could find a better deal as I get closer to closing on it there’s a very real chance I won’t even use them. Then, after all that he tells me I need to pay them $500 as a “commitment” to work with them. That’s when this mortgage loan started to smell like a car dealership loan where they try to hook you with math related to monthly payments and not based on actual rates and costs. He told me all about how an FHA program would be good for me and asked me what I wanted my monthly payment to be. So I went along and listened to his pitch. He reviewed the file and told me the $305k purchase price would be no problem. I told him the numbers rocket mortgage was throwing at me simply don’t work. He claimed to be their new construction specialist and wanted to see if I was still interested. The next day a representative from Rocket Mortgage called to talk over my application. So I passed on rocket mortgage and started working with PenFed.
My DTI is 17% including my current mortgage (this home is under contract and will be closed at the end of May). I have a total of about 240k in revolving credit lines, earn $105k annually in a government job with 16 years of continuous service. As background I have a 720 mid FICO Mortgage score, plenty in savings for closing and reserves and only 2 accounts out of 31 reporting utilization. The home I’m building is $305k, so that’s a problem. First off, after I put in all my financial information and had it pull my credit it game me a very low approval amount.less than $100k. Among the many places I applied to was Rocket Mortgage.
I’m in the process of building a new home (ready to move in around January 2019) and applied to many places as my builder requires a pre-approval letter and 5% of the contract price to begin construction.