Consumer complaint received 2023-03-09
Company: TAYLOR MORRISON HOME FUNDING, INC.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I received conditional approval from XXXX XXXX ( Builder ) to build a new home several months ago for a certain loan amount ( XXXX XXXX ) based on a variety of factors, most of which are variable including the down payment and interest rate just to name a few. Long story short, I put down a good faith deposit of XXXX XXXX  and provided the builder with documentation that I divorced and will now be responsible for child support of {$1000.00} per month. The builder failed to take this into account and re-calculate to see if I still qualify for the loan. XXXX ahead several more months in XX/XX/XXXX where I then went to the design center to select options for the home. These selections then increased the total price of the home to XXXX XXXX without taking into consideration other monthly fees associated with the home such as insurance, PMI, CDD fees, HOA, etc. XXXX XXXX again failed to re-calculate the adjusted loan amount to see if again, I would still qualify for this loan. A month or more goes by and I inquire with the finance specialist who I've been working with them to see if the calculations have been made to which she says know and hasn't received the design center spend amount. The finance person and I spoke on the phone and discussed that I obviously could no longer afford this home based on the updated numbers and current interest rates. She suggested that I speak to the sales person to see if they can ask management what my options would be at this point. Two weeks go by and I finally heard back from the sales person stating management would allow me to purchase a lower priced home, but would not return my XXXX XXXX deposit even though I clearly could not qualify. I spoke with the finance person ago over the last few days where she requested more pay documentation from me, inclusive of my last pay stub from XXXX and my last 2 pay stubs. On XX/XX/XXXX, she sends me an email stating they have re-calculated everything and I'm now approved for this loan and send me the new calculations. The new monthly loan amount is {$6000.00} with taxes and all fees included based on an interest rate of 6.375 %. My take home pay is ~ {$7400.00} per month. The loan amount ( {$6000.00} ) + my monthly child support payment ( {$1000.00} per month ) totals to ~ {$7000.00}, leaving me with about {$300.00} for other bills. I have a monthly car payment of {$600.00} and an individual loan with a monthly payment of ~ {$740.00}, both of which they're aware of much less all of the other normal bills a person would have including electric bill, food, etc. I clearly do not qualify for this home purchase, but it appears XXXX XXXX is trying to force a loan approval when the consumer can not afford it. They refuse to return my XXXX XXXX deposit and are trying to either a ) push me to cancel the agreement and keep my XXXX XXXX deposit or b ) are trying to force a sale when the buyer does not have the means to pay for such a loan. Please help!

Company response to consumer: Closed with explanation