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Not sure what to do - pre-approval revoked

I was pre-approved less than a month ago with a house in mind, all set and we purchased a car. The car was well within our budget but did open a new line of credit with a balance of only 5K because we could afford to pay the rest cash. Went back to see the lender and even though we gave full dicslosure about the car the deal is down the drain...I understand that a new car purchase might be a dealbreaker for the average buyer but our income is $300K + annually! Is there anything we can do??
By bee_finiu433171 from NC Mar 4th 2014
Reply

Based on the details you've provided, it appears that it should not have been an issue for qualification. Yet, without knowing the whole picture, it is hard to say with certainty. I would be glad to look at your scenario and see if you qualify. Feel free to contact me at chad@mortgagewithchad.net or (919) 218-1419.

Mar 4th 2014

In general I would just find another lender...your income sounds sufficient..though I do not know your debt ratios or the price of the home....

Mar 4th 2014

Something doesn't sound right and without knowing your debt to income ratio it's hard to speculate. I would reach out to Chad and let him run the #'s for you.

Mar 4th 2014

You can contact me and I will be glad to review everything with you to get to the bottom of this. Such a small purchase with your income wouldn't normally be an issue.dedwards@farmersbankvamortgage.comwww.virginiacarolinahomeloans.com

Mar 4th 2014

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