trying to get a mortgage on a second home

[Administrator]

Hi, Last June we signed a contract on a new home to be built. We were putting a 100,000.00 down which is coming from one of my retirement accounts. When we spoke to the mortgage broker and explained our situation that we were putting our present home on the market and planned to move south where the new home is being built. That was in August and she didn't start on our paper work until Oct. a month before the house was to be finished. We were told everything looked good even with our credit score in the mid 600's. I can't touch any of my retirement monies until I turn in my resignation, with this in mind I purshased a lot of furniture on my credit cards and placed it in storage expecting to move on Nov. 1st. and pay off these cards. These new bills caused us to become deliquent on these cards. We were told they couldn't give a mortgage as a second home because the rules had changed and credit scores were now being accepted higher and our scores lowered. The house is still being held for us. Do we have any alternatives?


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(Source: mortgagefit.com)