I locked a great rate/terms and had loan approved for my primary residential home. My loan should have been ez, great documented income, credit history, low loan to value etc. And I immediately supplied all documentation.
I was relieved to lock because afterward rates and points increased, the same note now would cost me 13K in closing. However, after a month, just prior to supposedly closing, AIMLOAN "underwriting" decided not to continue the loan on an absurd basis that because I have been growing avocado trees at home (never got or sold any fruit) that they were not going thru with loan because I don't meet fannie mae guidelines because I have "commercial property".
This is crazy, what really happened is that because I timed my lock so well, AIMLOAN wouldn't make much from it and discriminatory trumped up some false guidelines.
I checked and yes they ARE wrong... And the property has been a fannie mae packed in the past.
Do not deal with this company, I would like to pursue civil action for the fees they lured me into addition to the 13K extra I will have to spend for a similar rate/terms now 5 weeks latter.
5 weeks ago I could have gotten same rate from local companies, but not so now due to AIM's delay.
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