Wells Fargo
Preapproved Loan Terms Changed After Relocating for Home Purchase
- 07-10-2009
- 12
I was pre approved for a 130,000 plus loan at the end of 2008. I found a home in February for $ 60,000. I was told by Wells Fargo that if I relocated to New England found a job etc... That I could obtain the loan with 5 percent or so down. So I relocated, found a job etc... Did what they told me, closing date was set for May 15th didn't go through because the I hadn't purchased insurance, so I went out and bought insurance for a year, new closing date was set and fell through. It has been about 5 months now and they're asking me to put down 25 percent, I found this a bit odd so I called other banks and they told me that no banks give owner occupied loans for multi families over 2 tenements they all go in as investments... So I feel I was bamboozled mislead besides the fact that I had to leave my wife and child not even 2 years old behind for over 2 months to try and satisfy the bank. Besides being mislead this has taken an emotional and psychological toll on myself and my family
Company: Wells Fargo
Country: USA
State: Rhode Island
City: North Providence
Address: Smith St