Consumer complaint received 2017-11-27
Company: AMA Advisors, LLC.
State: GA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Home bridge Financial accepted my application for a loan on a new construction home back in XXXX XXXX 2017. At that time the application was processed over the telephone about how much I made a year and general debts and my credit was pulled. I was then advice to work on my credit by getting a secured credit card and then they will pull my credit again and then proceeded asking me to send information about my XXXX, recent pay stubs, bank statements and retirement information. Then after information was gathered my employment was verified. I assisted with providing the information about my employment and both jobs were verified. Im a XXXX and it was explained at the start of the application that I just started working at a new job in the same field as a XXXX  and had been working full time hours with my agency and was not working there at the time of the application but was part of my income this year and I pick up hours as needed because Im a XXXX XXXX XXXX. I was told they would work on trying to use that income but had already prequalified me based on all the debt I given them and my income from my full time job and what I made this far at my XXXX XXXX XXXX. After gathering all my information in XX/XX/XXXX, they asked me for updated pay stubs and was I still working at my second job and my employer stated I did and I explained via email conversation that was true but only worked per diem and due to mandated court counseling sessions from a previous family issue I was not picking up shifts in a phone conversation with XXXX the loan processor because I also made him aware that I had to use savings for legal fees and he said that shouldnt be an issue. They proceeded to have me change my student loan payments from income based to 300 month payment and take disputes of my credit report. I continued to ask about where we were with the status of the loan that I received a commitment letter stating all I needed to do to close on this loan was sell my house which my contract with the builder was based on contingency of my Home selling. Mind you this was the builder preferred lender I was told to use in order to receive financial assistance with closing. After providing the lender with updated pay stubs, they never once explained to me that they couldnt proceed with the loan due to my income was not enough. However they did proceed to tell the realtor for the builder that there was nothing else needed but a second verification of my employment. The problem did not arise until I had an offer on my home to sell and I needed confirmation that I had the loan and the question arised if my income had changed because an updated pay stub showed a different pay rate which I explained was payment for computer orientation hours as an employee we get paid at the rate for orientation and not our regular pay rate and then the issue was well we can not use this income because you have not worked at this job for over two years part time and this conversation is now happening in XX/XX/XXXX and when all my employment information had been provided since XX/XX/XXXX up to XX/XX/XXXX. The lender cant bsck stating I would have  to pay off my car which I have only been financing for less then two years, giving me the option to sell my car I had XXXX left to pay and be upside down with not enough money to pay back the car loan and also my house still had not been sold and the lender was depending and new I needed the proceeds of the house to aid in closing cost. I asked the lender why was I just being told this so far in the process where the house had now been completely build. The lender stated they had been having issues verifying my employment and trying to get the second income used. I explained to the lender that there was no way to pay off my car at this time and that my contract was contingent on my house selling and at this time the offer had fell through. I told the lender that there was nothing they could do for me at this time if my house didnt sell because I would be depending on the proceeds to move forward and I wasnt considering selling my car. So from there the realtor begin to get involve trying to convince me to sell my car and I told them that wasnt possible that was my ride back and forth to work and they told me I could get another one after closing. I then explain haw can closing happen when my current home was not under contract and have not sold. They later expressed that they would be terminating my contract and I agreed if we couldnt move forward and requested my earnest money back since they couldnt wait on my house selling. The seller stated that it was my fault the loan did not go through because I lied about my income and they would not be giving me my money back. I then tried pleading my case asking to speak to the manager and the seller had decided to go off what the lender had provided in why I wasnt going through with the loan. I explained everything I have written in this complaint and also stated how could I have lied when I have been mislead with my credit being pulled over more than five times and my employment being verified with recent pay stubs submitted and then later told five months into the loan process that they could not use my second income because I had not worked there as part time for two years but have been employed with them for over five years. I explained and felt it was unreasonable and I did my due diligence my providing every documentation asked for and change student loan terms and that I supposedly lied and now because the lender has not processed my loan because my debt to income is high with just using my full time income I cant purchase the home and mind you I wouldnt been able to until my current home sold but the builder is holding my earnest money because the lie was told by the lender that I lied about my income. At the end of it all, the lender stated I couldnt use my second income and I didnt want to be going back and forth this late in the process with the loan processor and told him if he said I couldnt use it then so be it, I guess so and this is whats suppose to make me a liar because he didnt figure out all the information Ive provided on my income would not be able to be use and now Im getting penalized for this lender mistake for not doing his due diligence. However, I went even further to get other financing through another bank and the builder objected in giving the additional XXXX towards closing because it wasnt there preferred lender.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation