Rebuttal is a little late due to us not even knowing there was a complaint. I work for the mortgage bank that runs the advertising and in 2003 when this single complaint was filed (we've been on the air for 9 years), everything we advertised was 100% correct. One has to remember that loan programs just like interest rates change weekly sometimes daily so everything does not stay the same month after month. In 2003 you could qualify with no credit score. This item needs to be clarified because there's a big difference between have no scores (because of no previous credit references) to having no score or a VERY low score due to numerous negative items as being the only items on your credit and/or so many negative items and no positive items that your score dropped to zero. In 2003 there were no minimum scoring guidelines for FHA loans and the seller of the property could actually provide a concession to the buyer that was large enough to cover the downpayment and closing costs for the borrower. The underwriters still needed to review the reason for a borrower(s) low scores and weigh the risk on the amount of negative credit because that is a record of the borrower(s) previous and potential payment performance. If the borrower showed a lack of payment accountablility, they could be turned down due to no compensating factors on their credit. Since we don't know who this person is, we can't actually comment on what that person's specific situation was.
Regarding out of pocket expenses, the borrower was responsible for the earnest deposit which is required on the purchase contract (required 99% of the time), appraisal fee, termite inspection and a property inspection (last one being an elective item). If the seller concessions are sufficient in covering the down payment (in 2003 it was 3%) and the all the closing costs, the borrower(s) would get there earnest money back and therefore would have come in with no money out of pocket. Things have changed quite a bit since 2003 but coming in with no money or very little money is still doable today with the right combination of credit repair and correct product.
The curious thing about this individual's complaint is the name of the person that she said she spoke to. Our company has never had an employee or an assistant named Nat, even a Nate, Nathan or Nathaniel. We get several hundred calls a month and due to the format on the channel, all the ads run together right next to each other so many callers mix up who they think they are calling (i.e they call us when they are trying to reach a realtor or they ask us about property information). The individual may have been talking to a different company when she thought she was calling us. 9 years, several thousand clients and only one complaint? Still a good track record.
Why file a report here? Ripoff Report is a permanent record! Other complaint sites copy our content then remove reports for money.
