Consumer complaint received 2022-09-21
Company: LD Holdings Group, LLC
State: CO
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
MTH Mortgage ( Meritage Homes ) Loan support Agent failed to share the relevant critical information in time for us and kept us in the blind spot until the determined closing date ( XX/XX/XXXX ) to say that I am not eligible for First Home Buyer Benefit of 3 % Down Payment making my {$10000.00} paid on XX/XX/XXXX at risk. 

We were not clearly explained on the requirement at any point in time about the eligibility/requirement for FHA Benefits ( Primary Residence ) until the closing date. 

The Loan specialist did not keep me informed of locking the Interest Rate until it increased substantially from the day I paid my Escrow amount for blocking the house ( XXXX XXXX XXXX ). 

The loan specialist shared different increased Mortgage Insurance at different point in time without letting me know of the changes and the reason for the changes. I did fortunately asked him on the reason for increase and tried to get the estimate amount/closure amount corrected. 

He did not pick my call leaving us in stress as he provided Interest Rate lock of 4.5 % until XX/XX/XXXX while their websites says the following and preventing us from using the rate lock option available for other customers. 

Rate Lock program mentioned in their website for different locations and there is no mention about Primary Residence or Second Home Buyer. However the loan specialist is claiming that he can not extend that to us after XX/XX/XXXX. 

He never mentioned the interest rates are different for FHA and others and was demonstrating confidence that closing will be done with no issues until we encountered at the last moment and not sharing any information while closing date was pretty close leaving us in stress. 

" *Interest Rate-lock program available only in connection with the purchase of select Lots ( see a Meritage sales counselor for information about qualifying homes ) in select XXXX area communities that meet all of the following qualifications : ( a ) the new home purchase agreement for such home is entered into by buyer and accepted by Meritage Homes between XX/XX/XXXX and XX/XX/XXXX, and closes on or before XX/XX/XXXX ; " " Rate Lock Promotion : Rate-lock program available only in connection with the purchase of select homes ( see a Meritage sales counselor for information about qualifying homes ) in the XXXX XXXX area that meet all of the following qualifications : ( a ) the new home purchase agreement for such home is entered into by buyer and accepted by Meritage Homes between XX/XX/XXXX and XX/XX/XXXX, and the home closing occurs prior to XX/XX/XXXX ; ( b ) the purchase of the home is financed using a 30-year, conforming conventional, VA, or FHA, owner-occupied loan program offered by MTH Mortgage ( must obtain a qualifying loan from MTH Mortgage to finance the home purchase in order to participate in the program ) ; and ( c ) loan program consists of qualifying through MTH Mortgage. 4.5 % is based on {$450000.00}, conventional 30-year fixed, 4.532 % APR with a 20 % down payment. Interest rates subject to change except to the extent locked pursuant to the rate-lock terms and conditions provided by MTH Mortgage. Term of rate-lock may vary, based on stage of completion of home and other factors. Ability to update the interest rate of the applicable loan is subject to the terms and conditions of the rate-lock program provided by MTH Mortgage. Not a commitment to lend - lending programs may not be available to all buyers /homes and are subject to change and the conditions and requirements of buyers lender. Any financing arrangement, including, without limitation, the rate-lock program, shall be solely between buyer and buyers lender, and in no event shall Meritage Homes have any responsibility, obligation, or liability with respect thereto. '' Identified Property Address : XXXX XXXX XXXX, XXXX Tx XXXX. 

Loan Specialist : XXXX XXXX Kindly review our concerns and help us come out of this issue. 

Help us secure our {$10000.00} Escrow amount refunded back in case MTH Mortgage can not approve loan with 4.5 % Interest Rate & 3 % Down Payment. 

Looking forward for your kind support. 

Have a Great Day! 
Stay Safe & Healthy! 

Thanks! 
Best Regards, XXXX

Company response to consumer: Closed with explanation