I had my mortgage application (already pre-approved) delayed and finally denied on what was supposed to be day of closing. For some reason they decided that since I owned more than 15% of the (Delaware C-Corp) company they had to attribute that percentage of the company PnL to me. For a VC backed company in growth mode this resulted in me personally having something like -$40k monthly income. No amount of trying to explain I was not on the hook for that or offer of increasing the down payment to any level would convince them otherwise.
How is that a problem? If you really had a $40k monthly income it seems you'd have no problem making payments.
That's negative 40 thousand, as in they were under the impression that I personally was hemorrhaging money.
Who was the lender, might I ask?
JPMChase
Not Surprised now. They are painfully stringent and difficult along with Wells Fargo.
How did you recover or what did you do following?
Liquidated my life savings and went full cash. It _sucked_.
This is surprisingly more common than I expected. Congratulations.
Did you evaluate a private mortgage lender? If so, why did you decide not to go this route?