In May my husband and I decided to purchase a home from KB Homes. We got pre-qualified through THEIR lender (CountrywideKB Home Loans) and signed the contract for our house.
We put our deposit of $2500 down and put $2000 down on the options for the house. Our contract stated that if we didn't qualify for our loan we could cancel the contract within thirty days and get our deposit back (not the options deposit though). This wasn't a problem because we were pre - qualified.
Our home was to be ready in October so in August I called the lender to see when they were going to start needing our paperwork etc. I was told that they shouldn't need anything until about 30 days prior to closing. I called again in September and asked when he would need the paperwork. I was told that KB Homes had notified him that our closing date had been moved to November. I confirmed that this was true with KB Homes.
I called again in October just to be told that the loan programs had changed and we no longer qualified for the loan.
Worried, I called KB Homes to see what I could do. They said that they couldn't do anything for me and that I would be losing my $4500 in deposits. Thats it... THEIR lender will no longer qualify me and I lose my money. I sent MULTIPLE letters to the president of the company with no results.
I am still frustrated in having lost nearly $5000 so I'm reporting this here to hopefully save somebody else. I am also reporting this to the IRS because KB Homes is getting income that I am guessing they probably aren't paying taxes too.
Beware of kb homes! They will steal your money after their lender says you are pre-qualified!
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