Why it is two mortgage loan numbers for the same property?
On my credit report appear that I have one account number for my bank loan conventional mortgage and one loan number for collateral for same property. What is that and this is right?
I know that if you won’t be living in a newly bought house, you should tell them that when applying for a loan. Here is my situation: Me and a co-buyer are buying a house that I don’t plan on living in, but my co-buyer does. We applied for a conventional loan but didn’t get approved, because the lenders said that since I live in another city, and my income is the higher one, they could only give me an FHA or investor’s loan (which has a higher interest rate and requires 25-30% down).
However, at Bank of America, they approved our conventional loan. My question is, is it legal? I mean other lenders wouldn’t approve it because the house won’t be my primary residence. So I’m wondering if it is a legal thing or is it just that lenders don’t LIKE to approve people like me. If BoA does it assuming that I’m going to live there, then I don’t wanna be legally responsible.
we told Bank of A that I’m not planning on living in the new house, but they still approved us on the conventional loan. (We are first-time home buyers)
OK my question is, is B of A SUPPOSED to give us a conventional loan in this situation?