Consumer complaint received 2024-03-09
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: Caliber Home Loans, Inc. (FL)

I was supposed to become a first-time homebuyer but I got scammed out of my {$18000.00}!!! deposit with a new construction buildeXXXX XXXX and their preferred lender Caliber Home Loans in XXXXXXXX XXXX 

XX/XX/XXXX, XXXX I signed the contract for a new construction townhome with XXXX XXXX XXXX I was pre-approved with their preferred lender ( Caliber Home Loans ) with an interest-rate estimate of XXXX %. I was told that I would receive a closing cost contribution from the builder ( XXXX XXXX ) in the amount of {$4000.00} for using their preferred lender ( Caliber Home Loans ). 

XX/XX/XXXX, XXXX I sent my {$18000.00} deposit wire transfer to the XXXX XXXX builder account ( instructed by the sales agent ) this was XXXX % of the purchase price to secure the contract. 

XX/XX/XXXX, XXXX Received an E-mail from the title company that the closing date would be XX/XX/XXXX, ( and final walkthrough XX/XX/XXXX ). 

XX/XX/XXXX, XXXX I paid {$450.00} for an appraisal on the recently completed townhome. It had appraised for almost XXXX more than the purchase price on the contract. 

XX/XX/XXXX, XXXX I sent an E-mail to the Caliber Home Loans Loan officer { in response to a voicemail he left-stating he needed XXXX  months of my paystubs } ( later I found out this was to get a final approval and an exemption with the underwriter because my debt-to-income ratios were bordering too high based on the current increase in mortgage interest rates ). Up until this date, I thought that if interest rates had climbed too high then I would not receive the final approval for this loan from the lender So, I requested a phone call to go over the XXXX most recent loan estimates I had received in the loan portal, Docu-sign pdfs dated XX/XX/XXXX with an interest rate of XXXX % and XX/XX/XXXX with an interest rate of XXXX %, ( conflicting! ) AND Both estimates had huge differences in closing costs! ( imagine me not knowing how much I would be paying with just XXXX weeks left until closing ). 

XX/XX/XXXX, XXXX I finally received the phone call from the loan XXXX to go over the final numbers ( Red flag : most times-including this time the XXXX Homes sales XXXX XXXX ask me if I had heard from the loan XXXX to which I would reply XXXX waiting for a callback and then she would say I will tell him to reach out to you ). 
So, finally when he did I was blindsided by the numbers ( way over what I budgeted for or could even afford with my monthly income ). To which he replied but youre approved! The Caliber Home Loans- Loan XXXX then goes on to tell me that he was able to lock me in at an interest rate of 6.7 % before the rates make another hike and that an exemption was made with the underwriter and that I would need to find a cheaper homeowners insurance policy ( to keep my numbers within the limits ) ( yet I had already found the cheapest I could ). 

XX/XX/XXXX, XXXX I sent my Termination notice E-mail to Mattamy XXXX XXXX Caliber Home Loans XXXX For which I included I would not be moving forward with the final walkthrough or closing. Back in XXXX the loan estimate was less than $ XXXX and by XXXX 12 days before closing I was given loan estimates of more than $ XXXX. I am a single person with variable monthly income. I could not feasibly afford this ( nor did anyone expect the unprecedented spike in mortgage interest rates that occurred in XXXX ). Yet, I was being scammed into a loan that was unaffordable for me and seemed to be granted a forced approval based on the numbers! 

XX/XX/XXXX, XXXX XXXX XXXX XXXX causing major flooding and damage in XXXX Florida XXXX I too experienced additional hardship. For months I sent numerous letters and E-mails to the XXXX XXXX XXXX XXXX XXXX XXXX facts and requesting my deposit. 

Still, I am devastated to say that XXXX years later XXXX XXXX in XXXX Florida has refused to refund me my deposit in the amount of {$18000.00} because of deceptive terms within their contract ; but yet was able to turn around and sell the same property for XXXX more than the purchase price in my contract. Why would they then be so unethical & cruel to hold onto my hard earned deposit/savings??!!! 

Please warn others against the practices of these new home construction companies such as XXXX XXXX and their deceptive contracts and the preferred lenders such as Caliber Home Loans that they are in cahoots with! There should be a law protecting consumers against this in all states including Florida. Consumers should be refunded/entitled to our deposit back if the home was never purchased!!! 

I am so deeply hurt by this whole ordeal. I still have not been able to recover from this loss nor have I been able to purchase my first home.