I was going to buy a house and a relative recommended Bank of America for my FHA. I filled out some paperwork and was pre-approved for an FHA backed mortgage. I told the BOA agent that I only had 3% down and that this was what I had to work with. This was for a house that cost 59,900. I make 50K a year. He says, well, lets get into the system at 10% down and then we can re-negotiate for the 5% you want. You will get he says. I receive all the paperwork in the mail of the approved 10% and I made an appointment to see him a day after I received the BOA paperwork. I asked him what we now needed to do to get the 5% approval. He looks at me and asked if I can get the other money from my parents, I said NO, and told him that this was what I had to work with and that another 5% would push me back another 45-60 days so I can save the money. This is where it gets gritty and unethical. After this meeting, I send him an email stating that I only have 5% down and for him to renegotiate the loan like he said he was.instead, he CALLS the listing agent for the SELLER and tells them all about the buyers situation! He confides information to them that is private and makes no apologies about it. Next, I get a call and emails from furious listing agents and my realtor asking me why things are falling apart. I told them what I am writing now. To top it all off, BOA is going off a credit report that is not accurate and does nothing to help me fix it. They do not even offer other options to get it fixed. I will never do business with this lying, cheating, unethical, corrupt bank again and I will do everything in my power to convince other potential customers NOT to do business with this bank.
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