Legal Question in Real Estate Law in Texas

Eric Dunn - Home Loan

My wife and I were pre-approved for a FHA loan with a mortgage company in our city. We gave them all the documents they needed and were told everything was good to go, they even ran it through the Fannie Mae system and it came back approved. 2 weeks before we were supposed to close however, our lender called an informed me that since I was legally self-employed (which he knew from the start) and hadn't been with the company for 2 years, our loan was rejected. The house we were buying was a new build (spec house) and now the builder wants the $1000 earnest money and wants to sue me. What to I do?


Asked on 11/14/07, 2:44 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Eric Dunn - Home Loan

I hope you had a financing contingency in your contract. You should have an attorney look at the document and explain your options.

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Answered on 11/14/07, 8:14 pm


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