Report: #1284362

Complaint Review: Wells Fargo Home Mortgage

  • Submitted: Tue, February 02, 2016
  • Updated: Tue, February 02, 2016
  • Reported By: Barry#1 — Waldorf Maryland USA
  • Wells Fargo Home Mortgage

    Nationwide
    USA

Wells Fargo Home Mortgage Bait and Switch Waldorf, Maryland Nationwide

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In September 2013, during the loan process with Wells Fargo Home Mortgage Cpompany (WFHM) I believe WFHM delayed or failed to submit a timely application for me to receive $10,000 down patment assistance from Maryland Community Development Administration (CDA) and as a result, I only receive $5,000.  I applied for a VA Home Loan and was pre-approved for $170,000.  The cost of the house was $161,000 and WFHM offered me a mortgage loan in the amount of $161,000 at an interest rate of 2.00%.  During the loan process WFHM gave me a list of repairs to the house that needed to be completed before the loan could be approved.  After I spent more that $2,800 in repairs, WFHM switched the interest rate to 4.25%.  At closing on Nevember 26, 2013, when you count my $1,000 earnest money deposit that I would have lost if I backed out of the deal, and the $5,000 down payment assistance from CDA, the loan was $161,000 at 4.25%. If I backed out of the deal I would have become homeless and would have lost my $1,000 earnest money deposit and the over $2,800 to repair a house that I did not own. 

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This report was posted on Ripoff Report on 02/02/2016 12:59 PM and is a permanent record located here: http://www.ripoffreport.com/reports/wells-fargo-home-mortgage/nationwide/wells-fargo-home-mortgage-bait-and-switch-waldorf-maryland-nationwide-1284362. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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