• Report: #933350

Complaint Review: iFreedom Direct

  • Submitted: Mon, August 27, 2012
  • Updated: Thu, August 30, 2012

  • Reported By: sincityentity — Las Vegas Nevada United States of America
iFreedom Direct
Internet United States of America

iFreedom Direct FHA Streamline bait and switch, Internet

*Author of original report: $10K equity required

*UPDATE Employee: iFreedom Direct

*UPDATE Employee: iFreedom Direct

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I received a letter in the mail from them regarding an FHA streamline.  They blew me off because I have negative equity in my home.  That's normal for the Las Vegas Metro area.  The purpose of the FHA streamline is to refinance your house if you have no or negative equity with no appraisal required.  Avoid this company.  I think they were trying to bait and switch me into a conventional loan.

This report was posted on Ripoff Report on 08/27/2012 04:45 PM and is a permanent record located here: http://www.ripoffreport.com/r/iFreedom-Direct/internet/iFreedom-Direct-FHA-Streamline-bait-and-switch-Internet-933350. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

$10K equity required

AUTHOR: sincityentity - (United States of America)

The person I talked to stated that iFreedom Direct does not do any loans unless there's $10K equity in the home, period.  Anyone who knows anything about FHA streamlines knows that you can have negative equity in your home.  The only thing that changes with a streamline is the interest rate.  I am not going to waste my time calling your company.  I might, however, see if this merits a complaint with FHA and the Nevada Mortgage Lending Division.
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#2 UPDATE Employee

iFreedom Direct

AUTHOR: iFreedom Direct® - (United States of America)

I don't know the specifics of this loan. Although, first and foremost, we do not change loans into conventional loans. However, we do refinance into VA loans. We do not require equity in your home to refinance an FHA loan. There are many reasons why we would turn down a client for an FHA streamline. We do have a minimum credit score requirement and payment history requirements as well.  If there has been any miscommunication on these requirements, please feel free to contact us at 801-493-2700.
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#3 UPDATE Employee

iFreedom Direct

AUTHOR: iFreedom Direct® - (United States of America)

I don't know the specifics of this loan. Although, first and foremost, we do not change loans into conventional loans. However, we do refinance into VA loans. We do not require equity in your home to refinance an FHA loan. There are many reasons why we would turn down a client for an FHA streamline. We do have a minimum credit score requirement and payment history requirements as well.  If there has been any miscommunication on these requirements, please feel free to contact us at 801-493-2700.
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