Usually they send you a pre-approval letter, but with some conditions. and that is how they can legally get out of it, with no problem. Not fair, but they do that all the time. I am a real estate agent in Miami, and I encounter such a problem often. Question, is the house or apartment you are looking to buy Fannie Mae approved? because if it is, you MAY still qualify for an FHA loan with low credit score, if you are a first time buyer, and if you do not have any credit loans that you have defaulted on. I said may, because they have some guidelines,. For example, you mortgage amount cannot exceed 33% of your salary.