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Old 04-13-2011, 10:19 AM
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Default What should I do about this mortgage broker?

My husband and I applied for a Mortgage. This mortgage broker approved us for a USDA gaurentee loan. Gave us the pre-approved letter and told us we can put an offer on a house if we wanted to. So we did, and we opened up escrow. THEN only after I already opened up escrow and now in contract he tells us that he made a mistake and shouldn't of said we could have that loan. So now he is looking at an FHA home loan. HOWEVER, before we were paying 0% downpayment. And only 1500 of closing cost (sellers are paying 4500). NOW we ahve to pay 3.5% downpayment and still around 1500 closing cost. We are unsure if we will have the money before closing on May 20th. We already put 1500 in escrow and if we default on the loan the money is the sellers.. all because of this stupid mortgage guy!!!! What should we do? The dr. I work for told me to sue the mortgage broker./... unsure!
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