We applied for a mortgage back in May. We had gone to Wachovia, but they told us that my husband could not get a loan the day we met with them because of his time on his new job. We were told to try SunTrust. We went in and spoke to Jason Bradley. My husband explained he had been out of work for 2 years and was recently hired and moving to Chattanooga, TN. Mr. Bradley told my husband, "No problem, we can help. We are a smaller bank and have more ways to get a loan approved." We believed him. My husband asked over and over if he was sure. He said he had spoken to an FHA underwriter and she had said no problem. He sent us on our way with a prequalification letter saying my husband was approved. We called every week to check in and give Mr. Bradley what he needed as he asked us for information.
We found a house and put an offer in on it at the end of April. Bear in mind we had been approved by SunTrust earlier in April, when my husband had only been working for 2 weeks. It was an FHA loan with 3.5% down. The offer was accepted and scheduled to close May 28th. We had the deposit in escrow and all the inspections done. We were working with Jason, and he assured us that there were no problems. My husband asked again, because we did not want to pay 400 for an appraisal if we did not qualify for this loan. Again, no problem. We asked if he had asked the underwriters if this would happen, and he said yes.
On May 27th we called Jason to check in and did not hear back until 4:30 pm, when he told us our loan had been denied! We have talked to two other banks that told us within 24 hours that we would not get a loan unless my husband had been on his job 6 months.
They led us on for 3 months. We have incurred so many expenses trying to get a home we were never going to get. I complained, but he had no excuses. Why did it take 3 months for them to tell us 2 days before closing? We would have rented and not incurred the appraisal fees, inspection fees, realtor's time and the sellers' time. My husband has been in TN for 3 months while the rest of us are in NC. We have spent hundreds of dollars taking trips to TN to look.
The bank gave us no good explanation. They also had some guy in the bank go into our account and take out the 400 for the appraisal fee without authorization from myself or my husband.
We are so disappointed to be run around for 3 months! Not good business, but they do not care. I asked Jason to let me speak to his supervisor, but he would not give me that information. He said they were looking into it. I called later that day after he had told us he would get back to us by the end of that day, and he said it might be another few days before his manager could get answers. We still never heard back.
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