Credit decision / Underwriting

Posted on Posted in Complaints, Mortgage

review

I am a XXXX veteran with a service connected 90 % XXXX rating. Last year in XXXX we went looking for a new home. For two years, I had been working on my credit reports. I repaired a lot of issues and once my scores went above the required XXXX, my wife and I went home shopping. Across the street from our church and daughters school was a new home subdivision just going in. It was being built and constructed by XXXX. In XXXX of 2015 we found our home and through XXXX, contacted the mortgage company called UAMC ( Universal American Mortgage Company ). They immediately approved us and we signed a contract to build on XXXX XXXX, 2015. We put down a {$500.00} binder for this VA home loan. We were so excited. My family got to put the SOLD sign in the dirt, on our very own lot!! We were just the fifth family to sign a contract. The only home in the neighborhood was the model home and a couple of foundations that had been laid. They told us that our house would be finished in XXXX of 2015. UAMC and XXXX both send me contracts to sign. They go over the credit terms and tell me to absolutely not do anything with my credit. That I was not to make any changes without calling them first.
So shortly after all of this, XXXX informs me that I have a ‘credit specialist ‘ assigned to me from UAMC XXXX She will repair what ‘s left on my credit to get my score even higher for closing. Her name is *private*. This way, I can have an even better interest rate. I agreed happily because that sounded awesome.
So, Later in XXXX of 2015, homes started going up all over. XXXX started building like crazy. We were told that the building on our home would start soon. My wife drove through the neighborhood every single day. Waiting and hoping for construction to start. Nothing happened to our dirt lot until late XXXX of 2015. That ‘s right! They did n’t start building until the time they told us our home would originally be finished. They framed the foundation, poured it and started building. Then it stopped. Sat there, all while other homes were being built like crazy. Now, homes are being finished and people started moving in. All while I constantly asked about ours and was told that the building manager will meet with us soon. That the delay of our home was this reason or that reason. I actually called them on XXXX the excuses, because I checked it out for myself and found that I had been lied to. They had told me it was the permitting office. That it takes them forever in XXXX XXXX XXXX. So I went and checked for myself. I was told it had n’t even been submitted yet. Oh, and when it was submitted, it only took the department a little over a week to approve it.
Now the middle of XXXX comes, and I get a call from XXXX. They want to show us another home because they want to close before the end of the year to make their numbers. They framed it as we want to make you happy, since your home is not done yet. Let us show you these other homes. Then it all works out for each of us. So they show us a more expensive home and then a cheaper and smaller home. They tried to tell me that I should go for the cheap smaller home and just work my way up into the big expensive ones. I declined because it was n’t large enough and we did n’t like it. They ended up declining me for the more expensive home and left me in the original home. Saying that it will be done eventually.
Early XXXX comes, and I get a call from UAMC. Calling to inform me that my credit is no longer approved because my score has dropped, and that a new collection has been added to my credit. So, my credit is no longer approved and I would need another XXXX four months to repair the damage. She said she had also spoken with XXXX and that it was fine, because the house was now projected to finish around that same time. What???? SEE ATTACHED FOR FULL COMPLAINT

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