My Husband and I went through a mortgage broker at the beginning of this year to apply for a home loan. We had our credit pulled for the application. My husband and I do not have much revolving credit in the last few years. My husband does have student loans for college which he earned two bachlor degrees. He ended up with a judgement not long after he graduated because he could not find a job soon enough to start paying it. But since the judgement which was about 7 years ago he has paid his student loans every pay day. The point is we were told we needed to have a private loan to get our first home and that there were only a couple lenders that would except the loan and Angle Oak Funding happened to be one of them. So our loan was sent through and we were told we had a HARD APPROVAL by the broker. He said based on our money down, we would have a home loan from Angle Oak Funding. The broker, loan processor, and everyone helping us with the loan knew our credit status and what was on our credit reports. Also my husband has been on his job for over 3 years with good income. We were told what our interest rate would be and how much money to put down. Everything was on paper. We were at a verbal and written agreement. So we then made sure we were ok to start searching for a home. So we found a home about 4 months ago. We agreed to the numbers with the seller, and waited 4 months to start closing on the home. We went through the inspections, The inspections took a ton of our time but we knew we needed to do it to purchase the home. The inspections ended up costing us over $1000.00 in fees and also a $1000.00 deposit for the home. We were given a closing date for the end of May. The point is we were told we had the HARD APPROVAL, if we would of known we did not have a hard aproval we would have not done the inspections, the deposit, time spent, gas to take care of everything and my husbands time off of work. So we were so excited for our first home and for our family with a 3 year old son. Also to mention we have been taking care of my dad who has been sick and we wanted him to move in with us in our new home. With the amount of money we have down, we would have been in a positive high equity situation. Our mortgage would have been way less then our current rent. Everyone told us we were going to be fine for the loan and the closing date. Then just two days before closing we got an email from the loan processor that we needed to put 10% more down and pay off his student loans to buy the home. We were SO UPSET and MORTIFIED, AND PIST. The point is everyone knew our credit stiuation these last 4 months and the judgement on the credit which was 7 years ago. We were told we would be fine for the loan because were are never late on our current bills, and my husband pays his student loans, and time on his job, income, and the amount of money we have to put down. I feel there was something missing in this situation with Stephanie the underwriter. This credit stuff should have been brought to our attention months ago, not two days before closing. The we contacted the mortgage broker to see if there was anything he could do to help. Which ended up taking about another two weeks to try to work something out so we did not have to pay off his entire student loan and the down payment. He said he did get it approved back to the origional amount down BUT we still needed to pay of my husbands loan. With the amount we have down, we could not pay both off. Then the lender was going to charge us an even higher rate. In addition to all of the money that was spent during this process we also paid for the appraisal 3 days prior to this situation coming to light so we were out another $500 on top of all of the inspection fees and everything else we had to pay for that was non-refundable to us, all because an underwriter decided to change the conditions at the last minute. All in all, we planned to adhere to the original conditions of the loan by maintaining a payment arrangement for the judgement against our credit and we were told that this was acceptable and the fact that this condition was changed to requiring that the judgement be paid off in full 2 days before closing is ridiculous. Yes, we are responsible for our own credit situation, but this was a major change in the loan conditions with such little notice. If this was going to be the condition all along, then we should have been told this from the begining so we could make an informed judgement instead of investing all of this money into an effort to close on a house. This experience has left a sour taste in my mouth with regards to the home buying process and in a time where many Americans are struggling to make ends meet while trying to live the American dream, there seem to still be people out there that do not care that they hold people’s lives in the palm of their hands. I find this to be completely unprofessional. Stephanie Monfort should not be in underwriter and she should make her requirement clear from the beginnning process. It is ashame that people like this have so much power and authority over others when they are making such a life changing decision.
This review (Angel Oak Funding, LLC Review) was originally published at Holy Smoke !.
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