Loan might fall through a month before closing:( (8%, mortgage, mortgage)

[newlywed91]

My fiancé and I just received a call from our loan officer stating that instead of putting down 8% for our FHA, we may have to put down 50%! She stated that because we are buying a home in Nevada and are currently living in California, Nevada would be considered our second home base. Terrible news, we really want this home, we are first time home buyers and don't know what to do? Our loan is currently at BOA, so we are going through the underwriting process. Is there anything that can be done at this point?

[Enkiktd]

Speak with another lender?

[Debsi]

So you are not planning to move to Nevada?

[newlywed91]

We are planning on moving to Nevada, but since my fiancé works in California Nevada won't be our primary home. They want us to put down 20% instead of 8%.

[FalconheadWest]

Your fiance needs to get a letter from his company stating that he can work from your house in Nevada for his job in CA. That happens all the time. Thousands of people telecommute these days. His company just has to approve it.

[newlywed91]

Hopefully the letter will work, but the lender is saying it's a California thing.

[NinaN]

Or maybe it's a BoA thing. Call a mortgage broker (not a bank that is limited to their products only). 1 month should be enough time to get another loan together if it can work.

[newlywed91]

Yeah that's what I think too. BOA is the issue here. We will try other options.

[Brandon Hoffman]

Different banks have different policies. Check with TD Bank if you have them in your area. They seem to be pretty liberal for non owner occupied homes.

[DMenscha]

Something isn't clear to me.

1st time buyer (assuming OP is renting) buying in NV but currently living in CA. How can bank say you will have a second home in NV?

Telecommuting?

Is your current residence anywhere near NV? Is current job within commuting distance to the new home?

Something is missing here.