I'm presently living in a rental that I want to buy. With borderline credit I searched my options via the internet. Money Tree offered 1st time buyers or ones with not so good credit to get the financing. I had given all pertinent information for the application to be processed.
I was then told I had been pre-approved for 80/20 of the amount of the loan. There would be no closing cost or down payment. But I would need to pay for the appraisal fee and the application fee of $200. Considering my credit score I felt I was getting a fair deal. The property management company I'm renting from agreed finance the 20% as a second mortgage interest fee After giving my bankcard no# they now had the money. This is when the problems began..
The person by the name of Mike that was helping me no longer worked there. The next person Susan could never be reached or never returned my calls. Managers never returned my calls. I finally reached a young lady that was a customer service rep, not a loan officer advised she would pass the information. No one ever called. I called again and was told that Trish was handling my account spoke with her she reviewed the account by this time I figured ok I'm now getting somewhere.
The Bomb was I needed to give a down payment of $10,000. I told her I was told I didn't have to put down any money, plus I didn't have that much. She stated that this was the best offer she could give me and that they can't go any further without the down payment.By this time I felt I had wasted 2 months trying to get financed I was fed up with the run arounds.
I then told her I wanted my fee back I would take my business elsewhere. She stated the fee was non refundable. Which was never stated before Basically Money Tree misrepresented themselves/lied. Knowing it would take a lot more to get financed therefore empty promises was made in order to get what they can from you which are the small fees which add up if you have enough people trying to get financed to buy a home.
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