The bank has changed their down payment requirements on us twice due to errors on their part. From the very beginning we told the bank in emails and initial letter that we were purchasing a duplex and that my wife was currently on the deed to our current residence. The first time I was told we could get in for 3% down owner occupied. For 185K this was about $5500. Then, 3 weeks later, the loan officer said she messed up and said because it was a duplex that it had to be 5% or $9250. So we adapted and accepted. We signed the docs in the bank's office, ordered the inspection, had the inspection, and the bank ordered the appraisal. All seemed good to go. That was 10 days ago and we close in two weeks. Today at 4:30 pm we get a call from the bank that they made a mistake and that since my wife is on the deed, we can't get into the house for that 5% down. We already signed the docs?! How can they just screw us like this? The sellers have already asked the current tenant to leave. A lot of people will be affected if this deal doesn't close, and it was the banks fault. I'm showing up at the bank tomorrow at 9 sharp to discuss how they let this happen. This is unacceptable. My wife is devastated. Can they do this? Do the papers the bank signed with us mean anything? Are they bound to anything?
@Sean Haardt You may be getting this property under Home Possible. Is that possible you can qualify on you own? if not ask them if you can get FHA? I know this is not the answer you are looking but resolve your problem 1st and try to find the way to close the loan.