We put a down payment down on a townhouse. They had an incentive if you used their lender. We applied for a mortgage with their preferred lender and the lender did not get back to us until 2 months later. We went down to the sales office to follow up several times and was told that others are having the same problem and the lender is falling behind and will get to us shortly.
We finally heard from the lender who then needed all of our paperwork that we submitted in the beginning again. We gave them everything only to be told that someone from another department will be contacting us.
A few weeks later we heard from the lender (a different dept) and when they finally put everything together they said they couldnt approve us for a loan. I was told that they would submit to KB Homes a denial letter so that we could get our deposit of $10k back.
The sales manager for KB called us and told us that we were not entitled to our deposit back. One section states that if denied for a loan you are entitled to it back but you need to obtain a loan approval within 60 days.
KB then proceeded to send us a letter stating that they are cancelling our contract and keeping our deposit.
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