Quicken Loans
Approved for FHA Loan Then Denied Over Texas Loan-to-Value Rule

I thought I had found the solution to may mortgage problems! But it turned into a nightmare! Quicken stated that I was approved for a FHA loan. The payments and terms were exactly what I needed. I had spent many weeks jumping through the hoops needed for an FHA and paying down items on my credit report, all at their direction. I had to pay for my home appraisal up front. The initial good faith estimate came back with incorrect estimates. They did not take the time to look into my property taxes and insurance before the sent the proposals. They were way off and they had to modify the paperwork. The new payments were $20 less than what I was currently paying. The loan was still better for me because it included Taxes, Insurance, Principal, and Interest all at 6%. My current loan was an interest only at 8.5%. I decided to go ahead with the loan. A week later, I get a denial letter stating they can not process my loan due to the Loan to Value ratio allowances in Texas. AGAIN, they did not due the necessary research needed, and now I am out of money, time, and my current mortgage is past due because I thought it was going to be paid off!!!

Company: Quicken Loans
Country: USA
State: Michigan
City: Laurel Park
Phone: 8002266308

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