Nationstar Mortgage
Construction Loan Bid Rejected the Day Before Closing

I wish I had seen this website before I chose NationStar to be my mortgage bank. They cost me not being able to purchase the property. I'm buying a property that need construction loan since conventional loans don't fund properties that are not livable yet (no appliances and electricity). I sent the contractor's bid over a month before the closing date. Nationstar got the appraisal shortly after. During the whole period, they never told me that I was not able to use my own money for the renovation since the construction loan is not enough. And all of these is written on the bid. The day before the closing, NationStar told me that they were not going to approve the bid because I was not supposed to put in my own money. I sent a revised and reduced bid to make the house livable. But the bank now believes that there is a structural problem with the property (because I put in the bid "leveling the floors, " which I meant that the previous renovations just put one floor over another floor, and causing uneven flooring). By then, the seller refused to extend the contractor. So NationStar's irresponsibility cost me $3500, and the house that I really want to buy.

Company: Nationstar Mortgage
Country: USA
State: District of Columbia

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