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mortgage refinancing in citibank!!?

hello:
my brother wants to have the mortgage refinancing in citibank,which is his lender. the citibank said his income is not enough, but he may qualify for the Obama’s loan program. so, he fills out the forms,and it cost him $600 fees ( he got to pay it no matter he qualify or not).

citibank send a person to check his house in this morning for 10 minutes. my brother told me that he got to wait 6 to 8 weeks to know the results. is it too long? i heard that if someone apply for
the Obama’s loan program, and then not qualify. their credit score is affected badly,is it true? i worry about it.
sorry for my bad english, have a nice day!!

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2 Responses to "mortgage refinancing in citibank!!?"

  1. Craig D says:
    It should not affect his credit. I would make sure and verify the CitiBank employee. Many scams are going around with this right now. Do not pay the money until you are sure it is a legidimate
  2. Judy says:
    The score will not drop by much – you are talking a couple of points.
    And it is quickly aged and drops off.
    It’s called an inquiry and it happens if you get the loan or don’t get the loan.

    Note: If a bank is stating that his income is not enough maybe he should consider a smaller home or saving up a larger down payment.
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