First Franklin Financial A Division Of National City Bank 12 hrs prior to closing on our 1st home they called to say the loan would not go through Up to this point it was a go. Our credit is fine. We Irvine California

12 hours prior to closing they phoned to say that our loan would not go through due to no comparable properties within 2 miles of the home. We could find 5 within in 2 miles, but they needed three. When we came up with 3 they needed 4. We were out our appraisal, title search, title insurance, deposit.

The only comfort I could find it that we did all of this on our own so none of the money owed when to First Franklin. First Franklin assured me that this was mortgage company policy and that no one would be able to finance the house with out at least 15% down. We were supposed to come up with 26,000 dollar within 12 hours! We walked away. I don't think they anticipated us walking away and thought they would get the money.

Not only did they require the 15% but the rate we "locked in" was no longer good. Our rate was going from 4.99 to 6.35. How convenient. They were very hostile and aggressive. I do not recommend this company. They also backed out of several promised that I then had to remind them to get them. I feel this was a bait and hook situation that did not work. Be very aware of this company.

We still do not have a home and are out about 2000 dollars. They seller is also out money and still has not sold the home that now sits vacant. They also refused to write a refusal letter stating that the offer was denied due to an insufficient appraisal. They insisted on making it our fault. First by saying it was due to our debt to income ratio and then by lack of down payment.

Jennifer
Lewisville, Ohio
U.S.A.