We’re in a brave new world of lending.
From Loudoun Stats –
So be careful which bank/lender you go with to get financing. You may be approved for the program today, but by the time you end up buying, the program may have been eliminated. If this happens to you, you’ll have to either come up with more money for a down payment or switch to another lender in order to not be in default come settlement day.
As a smart guy once told me – Make sure you have a Plan B.
Personally, I prefer local lenders – they seem to be more accountable to their reputations and their clients.