CitiMortgagage Citibank N.A Mortgage Unusual rules mentioned one day before closing O'Fallon, Missouri

Hi,

Thanks for the response. Yes I did take the pre-approaval. I submitted all documentation including my visa and they never mentioned any other conditions. They did a rate lock for me. They ordered an appraisal of the home. They even contacted the closing attorney once and enquired about their closing fees and cost of title services. And I did see on their website under approval details, that most of regular conditions were checked verified and completed. However, in the processing details they added conditions like , I need to show 50,000$ in post closing assets that should be in a Citibank account for more than a year. They also added that they would need 100,000$ or 12 months of PITIA reserves whichever is greater. I asked them why they did not mention about these rules or guidlelines to me in the pre-approval stage, there is no answer. I think these conditions are Citibank policy or their guidelines and not definitely Fannie Mae or FreddiMac guidelines, because I never heard of any such rules. Even I confronted them with a CitiMortgage own document that mentioned they would need just 20 % down payment , and no such rules to deposit 50,000$ , they mentioned that these rules have never changed and they always had this requirement. Then my question was if they had such rules , then why were they not revealed to me during the pre-approval stage it self? there is no answer from them. I have asked for a Denial letter with an explanation of reasoons for denial. It is been 13 days since the laon was supposed to close but they have not sent any communication so far to me. I would definitely report to Federal trade commision and other agencies concerned regarding their illegal business practices.

If you are not qualified for the mortgage, they should be able to tell you exactly what and why you are not qualified for. The J1 visa status alone cannot disqualify you from a mortgage loan.

If they do not tell you the exact disqualification or you feel that it is unfair practice, you could report this to FTC (www.ftc.gov) due to their business practice. You could try to find another lender and should try to get a pre-approved letter from them before you attempt to buy another property (so that you wouldn't fall into the same situation).