My husband and I are going through a mortgage.?

We were supposed to be approved for 100% financing, but a few days from closing, the mortgage company tells us that his credit is too low to get pmi. They have taken 3 months and 3 different banks to get this done and his credit score has dropped in the meantime. I assume because his report has been pulled by 3 different banks. Anyway, they now say we must pay 3300 down so that pmi is not required. We can not use the money in our bank account because a certain balance is required for the loan to go through. We can not borrow the money because our DTI would then be too high; atleast this is what the mortgage company is telling us. Would a title loan or payday loan show up as debt on our credit and cause problems with the loan going through? Help!! I could have easily saved the money in the last 3 months if I had known it was required, but now I have no idea how I can get this money within a week.

This is the SAME BS my wife and I went through. The company repeatedly pulled both our credit reports (6x in 45 days) which made both our status' go from an excellent rating to a good rating. Then all the sudden they said everything changed, we needed a bigger chunk up front, and because of our lowered rating the underwriters didn't approve the quoted % rate. It was unbelievable, we were so mad we showed them the door and went to another lender. Then they tried suing us for going somewhere else. We fought them and won, plus got compensation. The company was Providence Mortgage, a big national lender, stay away.
Unfortunately it sounds like you got a similar BS lender, it's sad but the only advice I can give is threaten to leave to a different lender if they don't meet the quoted terms. If they don't blink just leave, the housing market is low now, others will compete for your business.
DO NOT, UNDER ANY CIRCUMSTANCES, TAKE AN ADJUSTABLE RATE OR DUAL NOTE MORTGAGE!

I have been a mtg. loan officer for 10 years, and u r getting jacked around. no reputable company would do this. if ur credit score was to low for pmi you could not get a 100% loan. if you have an 80/20 loan you wouldnt need pmi. your score does not drop that much for 3 credit pulls, it decreases 4 pts for every pull after 5 in 90 days, so they are not telling you the truth. 3300 down would not get you out of pmi, you need 20% of the purchase price to avoid pmi, a title loan or payday loan will show up, get the money if u have to from family or friends. TO HAVE WAITED 3 DAYS BEFORE CLOSING, THE MTG. COMPANY KNEW FROM THE GET GO, BEST ADVICE: RUN DON'T WALK AWAY FROM THIS DEAL IT STINKS. REBUILD YOUR CREDIT SAVE MONEY AND BUY A DIFFERENT HOME. I WOULD BET A MONTHS INCOME THAT YOU ARE LOOKING AT AN ADJUSTABLE RATE. A COMPANY THAT DOES THIS IS UNETHICAL AND SHOULD BE AVOIDED AT ALL COST, GO TO A LOCAL BANK, AND IF THEY WONT FINANCE YOU YOU SHOULD NOT BE BUYING AT THIS TIME. THIS IS THE BIGGEST INVESTMENT OF A LIFETIME DON'T MAKE A MISTAKE THAT WILL HAUNT YOU FOR YEARS TO COME. YOUR SALES CONTRACT SHOULD CONTAIN A CLAUSE THAT SAYS IF FINANCING IS NOT SECURED YOU ARE ENTITLED TO ANY DEPOSIT/DOWNPAYMENT MONEY REFUNDED, DON'T LET THE SELLER/REALATOR GIVE YOU A HARD TIME GET A STATEMENT FROM THE MORTGAGE BROKER SAYING YOU CANT GET THE LOAN WITHOUT PMI, AND THAT YOU DONT QUALIFY. IF YOUR DTI IS RIGHT AT THE LIMIT WHY ARE YOU EVEN CONSIDERING BUYING, YOU ARE HEADING FOR FINANCIAL DISASTER AND ONE ILLNESS, ACCIDENT, OR LOSE OF JOB WILL PUT YOU IN TO QUICK SAND AND YOU WILL BE IN OVER YOUR HEAD. I HAVE SEEN THIS SO MANY TIMES, THAT IS EXACTLY WHAT IS GOING ON IN THE HOUSING MARKET RIGHT NOW AND IS BEING TALKED ABOUT ALL OVER THE MEDIA. SORRY TO BE THE ONE TO TELL YOU THIS BUT LISTEN TO THESE WORDS OF WISDOM. GOOD LUCK

Yeah this is total BS.
Don't even waste your time. Back out save up and go to a reputable lender, not some fly by their *** mortgage broker.
You can pay money down do get lender paid mortgage insurance. But the reason you pay money down is to buy points which in turn keeps your interest rate low.