Consumer complaint received 2022-04-08
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: U.S. BANCORP (OH)

Hello, I have been working with US Bank since the end of XXXX for a mortgage on the house. 

My partner and I, starting our home buying process, qualifying for down payment assistance with my Grants for Grads.. It then was determined after the buyer 's education program, week of XX/XX/2022 that we just made too much money with the last raise my partner received. We were supposed to close on XX/XX/2022. 

I was reassured if we did the mortgage with just me, I could get this down payment assistance XXXX, Grants for XXXX, and it would be a quick process. I was reassured that I did not need to worry about the purchase agreement, which had my partner and myself as the purchasers. 

Week of XX/XX/2022 the agency approved the grant monies and it would be a fast underwriting process after that ( no timeline was provided ). That same week, the bank said that my student loans, which are in forbearance due to Covid-19, were the next issue. 

They said I needed to provide documentation of how much I was paying or was going to pay. I had been on a repayment plan of XXXX dollars. Provided what I thought was what they needed and more documents, such as a recent payment. It had not been explained to me until three business days after, XX/XX/2022 that HUD rules they have to calculate a monthly payment when the payment amount is XXXX. In the meantime, the bank was trying to switch me to a conventional loan which would have required me to pay off my car loan of {$4000.00} and the down payment assistance would have only been {$5400.00} compared to the {$9100.00} that was through this Grants for Grads program. 

I went to my student loan provider, got a new monthly payment amount, my Debt- to- IncomXXXX ratio was where it needed to be and my loan officer said " everything looks good now, we went back to the FHA loan XXXX and we have your down payment assistance all set ''. 

The next Monday, XX/XX/2022 I was conditionally approved. I asked why I wasn't finally approved and on Tuesday was given the answer, we need a new purchase agreement so it no longer has your partner on as a buyer. But if we got that day, XX/XX/XXXX, we could have the clear to close before XX/XX/XXXX. My realtor and I asked, at XXXX XXXX, if an addendum would work so that it gives the sellers less of a significant opportunity for them to walk away. Hours later ( XXXX pm ) after stating I would call the VP for an answer, we heard back saying yes an addendum would work. We provided that all signed on Wednesday. 

Tuesday XX/XX/XXXX, items were provided for final approval but then the next day underwriting came back and said that the Title Commitment had expired and they just placed an order for a new one. 

As of today, Friday XX/XX/XXXX, no clear to close. The sellers informed my realtor that if there was no clear to close by the end of the day, they may walk from the deal or we have to pay their mortgage on top of what we have to give them in cash already. 

The bank has not returned our e-mails and the only successful communication was XXXX this morning where the loan rate was locked yesterday evening and it was sent to underwriting. I do not even have access to my loan documents or loan number as their last communication about the loan was they were uploading everything into a new loan number ( I will provide the loan number I had before XX/XX/XXXX ) My mortgage rate has been locked at over .5 % from the original process, my partner and I had to pay {$1200.00} in another month 's rent payment and now if we want the house, come up with additional money. 

I am reporting unfair trade practices, causing consumer monetary harm, and discrimination because I am an unmarried woman trying to obtain a house with my partner.