Is possible my loan can be rejected?

My loan officer says that right before closing they might run another credit report, but if my credit goes down one point I will not get the loan. I think my credit did go down but because He had my credit check by different bank. I also had to do some rate searching my self. I dont know is that so, or he is just scaring me. I been going through so many issues with the loan officer, I am supposed to close next week and the last minute he said I need $ 4400 to buy down my interest rate so I can be qualified for the loan because he never lock my rate. After I come up that money the problem is my credit score if it goes down from 680 to 679 I will not be qualified. STRESS

Is possible my loan can be rejected?cheap loans

It is entirely possible that a drop of just one point could disqualify you for the loan program selected. Investors have established specific score requirements for qualification. They will not buy a loan with a lower score so the lender cannot close on a loan that does not meet program guidelines.

Nor is it at all unusual for a lender to pull an updated credit report just prior to closing to ensure that the borrower has not incurred additional debt that may preclude their qualifying.

If you instructed your loan officer to lock the rate and he didn%26#039;t or if he never offered you the opporutnity to lock the rate he should be held reponsible for, at a minimum, a portion of your expense in order to lock the rate at which you qualify. If the cause of your additional expense is directly attributable to the loan officer, call his broker and demand compensation.

Good luck.

Is possible my loan can be rejected?

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It is possible that your loan can be rejected.

It sounds like he didn%26#039;t do his job properly -- he didn%26#039;t lock in your rate. I would contact his supervisor and ask to speak with him. You shouldn%26#039;t be charged $4400 because he didn%26#039;t do his job.

However, the credit score is not necessarily what they will look at when looking at the credit report -- they are not likely to be worried about one drop of one point -- their credit check will likely have done that anyway. What they are looking for is did you open or attempt to open another loan or credit card that will cause you not to be able to pay your account. If you didn%26#039;t do anything like apply for a credit card, miss a payment, or anything like that -- I wouldn%26#039;t worry about the score thing.|||No credit should be sought after applying for a loan untill after closing.|||He is not lying to you, I am assuming from what you have said that your loan officer is a broker. Since he is a broker not a bank the bank whom he is submitting the loan to will more than likely pull your credit before closing to ensure that you still qualify for the program. I wish you the best of luck, however if you have all of your papers together as well as appraisal you might want to take it to a bank that can garuntee you close. try www.restructureyourmortgage.com if you have a full file they can have this closed for you in 3-7 days. Best of luck.|||Might be your premature in trying to buy a home. STRESS sounds like you do not have a lot of cash saved. Personnally, I hope you do not get the loan--gona save you a lot of embarrassment when they foreclose. Cost of used homes is going down -- next year might be better for you. Pay down your debt and save more money... I have bought 3 homes in the last 20 years and was never stressed for cash. It was a pleasure to purchase a home...