Consumer complaint received 2016-06-16
Product: Mortgage — Conventional fixed mortgage
Issue: Credit decision / Underwriting — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NE)

I applied for a mortgage with Bank of America at the end of XXXX 2016. I am a recent XXXX and I was looking for a XXXX Loan that would allow me to put less than 20 % down without penalty. I have above average credit and the only debt I have are student loans- about the average amount for a XXXX. These loans were not supposed to be taken into account for this type of mortgage. I was told there should n't be any problem and was pre-approved for much more than I was willing to spend. I found a house about 2 weeks later for {$160000.00}, which was very affordable and less than XXXX of my income after taxes. That XXXX included homeowner 's insurance and property taxes. I paid {$500.00} for an appraisal and {$400.00} for an inspection, both of which went well. The house was very well maintained in a very popular part of town, and had only been on the market for 4 days before receiving XXXX offers. 
The problems began very shortly after the appraisal. I had about 7 weeks until closing, but this proved to be insufficient for Bank of America. Despite my timely response to all of their demands, they provided me with excuse after excuse to delay and finally- after about 10 weeks- refused to extend me credit. The excuses included the following : 1. You need a co-signer ( even though you have good credit, an employment contract, and sufficient income ) - My father was willing to cosign. He has excellent credit and makes over {$150000.00} a year 2. We need a fully executed employment contract ( even though we have an official, signed letter from your employer verifying your salary and start date ) - My employer rushed to get me a fully executed contract before anyone else at the XXXX received XXXX 3. You are n't a " real '' XXXX because you do n't spend more than 50 % of your day XXXX. We ca n't give you a loan. 
- I am a XXXX. I have an XXXX Not all XXXX. After stating this and asking if I could speak to anyone about it to try to explain, the lender said she would try to take care of it for me. 
4. We need an official letter from your employer stating you are a real XXXX. 
- I got them XXXX letters from my program. 
5. Your 10 % down-payment came from a gift from your dad- you needed to put down 5 % of your own income. 
- B of A was informed DAY XXXX that the down-payment was a gift from my father. I was informed this was no problem. They suggested I add him as a joint checking account owner, and I did. Apparently this did not solve the issue. He even became my co-signer when necessary. Also, this is a 0 % down-necessary loan. 
- I received a {$11000.00} scholarship and asked if this could be considered the income source for my portion of the down payment. 
6. Your scholarship does n't count. We are n't giving you a loan. 
- This was nearly 3 weeks after my closing date on the house. 
I was repeatedly told that things would be straightened out. I had nothing detrimental on my credit report. I have very good job prospects and income potential. XXXX local lenders were on standby to extend me credit, but I lost nearly 10 weeks waiting for B of A to finally reject me. As it stands, I am waiting for them to send my appraisal over to my new mortgage lender. They have n't done so, despite saying they would do so " immediately '' after I gave them permission, which I did.