Pre-Aprroval Times a changing
Before I would contact a bank of mortgage broker, they'd run my credit. Find out about the 800 FICO score and issue a pre-approval letter to me to submit with bids.
Now, I'm told by this mortgage broker that I need to submit my tax returns for 2 years, my pay stubs, copies of all my bank statments, just to get a pre-approval letter that only my agent gets to submit with offers.
Also same mortgage agent tells me that on investment property I must put 20% down and can only ask the seller for 2% back at close. I'm okay with this but surprised there are no other options, like asking the seller for more back at closing.
So basically is this the new environment?