We got a pre-approval for a home loan in January from GMAC. This was an FHA guaranteed loan. We made an offer on a home on March (10). We were still waiting for GMAC to make a decision on 4/20/08. Even though they had income verification, it was not good enough. They had our pay stubs and all tax/w-2 information as well. They could NOT make a decision. They DIS allowed my wife's teacher salary because it would be a "guaranteed layoff of three months each year". They would not allow my (documented) bonuses or the rent paid on our rental home because "the renters might move out and you would lose that income". THESE GUYS SUCK! After waiting on them for two months we could not close the deal and it cost us two grand to walk away! I'm glad they did not get our business!
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