Well...we filled the application out for our construction loan as I last wrote and the branch manager ran some numbers and assured us that there was no way it wouldn't be approved. So imagine my surprise when I talk to him today and he says that it didn't go through...He says the "Senior VP" wouldn't approve a 90/10 construction loan and would require the full 20% down because of my student loans...
I guess this "Senior VP" doesn't know much about student loans. I am a Physician Assistant...PA's, NP's and MD's rack up a TON of student loans...most loan officers that know what they are doing will consider the income we bring in to be acceptable and not consider the student loans "bad debt."
Anyways, I asked why this all of the sudden was an issue and it seems that the person who shot this down made a very wrong assumption about my student loan payments after viewing our credit reports. I had consolidated my student loans last year and I guess the person didn't read the report very closely and read each disbursement of my student loans during grad school as separate loans...so basically there were what appeared to be SEVERAL separate student loans which if you add up end up being WAY over what I report that my student loans/monthly payment are. The gentlemen we were working with at this bank says this could change things and asked if I had proof of this. So I emailed him the latest Loan Summary Report and will wait and see if it makes a difference. If not, someone really needs to evaluate their job because they can't add or read...
If this falls through, we have another option to finance this thing that was already approved, but we really would rather not as it is more costly and complicated. However, it would be our only choice because we absolutely cannot do the full 20% because it would significantly decrease our financial security.
Hope to report better news tomorrow...for now, the wind has been taken out of our sails and apparently for no good reason.
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