Consumer complaint received 2022-02-05
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: TRUIST FINANCIAL CORPORATION (GA)

I was pre-approve for {$250000.00} for purchases up to {$260000.00} on XX/XX/XXXX with BB & T/Suntrust now Truist Bank . I started looking for homes in my pre-approve price range. We are in a seller 's market right now so most of the nicer homes selling fast and some are over priced. I was told that if I go over my pre-approve amount I would have to pay the difference with down payment and closing cost. I was able to find homes in that price range and a little lower, but I was being out bid by other buyers. On XX/XX/XXXX I found a home priced at {$260000.00}, I made an offer for {$260000.00} and my offer was accepted and I went under contract on XX/XX/XXXX, we were scheduled to close on XX/XX/XXXX. On XX/XX/XXXX XXXX updated my pre-approval amount from {$250000.00} to {$240000.00} for purchases up to {$260000.00}. I was never told why pre-approved amount changed. The lender ( XXXX ) would ask for documents and I would submit them via email directly to XXXX or through Truist portal. I have always submitted documents directly to XXXX or uploaded them on Truist portal and I have always submitted within the time she requested them. The end of XXXX I told all parties involved, that I would be going on vacation from XXXX and that I periodically check in with my realtor to make sure that the lender had everything needed so that I could close on time which was XX/XX/XXXX. My realtor would periodically ask the lenders, if they needed anything else from me, the city said they had everything they needed, she never heard anything from the bank ( XXXX ). On XX/XX/XXXX I received an email from the loan processor ( XXXX XXXX, saying she wasn't able to reach my landlord for VOR. My realtor would have contacted my landlord had someone respond to her in the email when she was asking if we were still on track. On XX/XX/XXXX I asked XXXX would I still be closing on time if I contacted my landlord about the VOR form, and she said " my loan was not approved and closing on XX/XX/XXXX will not be possible. There are a lot of items needed on your loan. I know you have been working with XXXX on getting items needed. I will send you a list later today of what is still needed ( including the VOR ) that is still needed. Thank you. '' I emailed everyone to let them know that XXXX said I wasn't closing on that date. XXXX emailed me to call her and that's when she told me that the city taxes were higher than she anticipated and that would bring my mortgage up to {$1600.00} and I would have to bring an additional {$20000.00} or more in order to close on the deal. She said she would give me a chance to think about it, because I told her that's not what we previously discussed. I was only supposed to have about {$14000.00} totaled out of my pocket not some exorbitant amount. I did not know the lender emailed everyone except me and told them the under writer would not approve my loan because the debt ratio was deemed too high. The seller 's realtor and my realtor both asked was it a common practice her to pre-approve someone and days before closing deny them because debt ratio and they don't really have any debt. I think it's a very unprofessional practice to spring someone along and days before closing tell them the under writer denied the loan. I should have been told this during the 21 day financial contingency and I would've been at least able to keep my earnest money. I am a single mother and I could not afford to lose my money due to the lender being dis-honest. I believe the lender should reimburse me all of my money, plus money for my time, realtor 's time and inconvenience for the both of us. This is unacceptable I really feel like I've been scammed, and I know for a fact that I'm not the only person this lender has done this to. Please hold them accountable for their actions.