Consumer complaint received 2017-03-08
Product: Mortgage — FHA mortgage
Issue: Settlement process and costs — 
Company: EQUITY LOANS LLC (FL)

I purchased a home and feel as though not only did my realtor nor did the preferred lender were and did n't act in my best interest. I applied and was approved for a USDA loan and desperately needed to move as I was in a bad situation. Both parties were aware of the situation and knew I had a XXXX son I needed to purchase a place ASAP. I was originally approved for a USDA loan and searched to find a property in the zones specified. I did so after hunting for a couple months. I only have XXXX for my son and my self. My son was XXXX at the time and any child support if received would end XXXX. My application started in XXXX and the closing finally happened on the XXXX of XXXX. Through out the process and half way through the closing process I was good for the USDA loan. I did n't have the funds or means for much more. For some reason I was told that I made to much money however was never able to get an explanation on that. I was told I had to obtain a FHA loan which I qualified for and come up with money down. this was after the process had started and inspections as well as {$2000.00} escrow deposit was required. I was basically forced to go through with the FHA loan in order to not loos what money I had put out and to be able to move ASAP. I went through and had several questions and all went unanswered. I submitted all the paperwork requested to include divorce decrees, social security statements, bank statemetns, and any thing else. The underwriter even demanded divorce decree from 20 years ago. The underwriter that wouldnt explain to me why I didnt qualify for the USDA loan demanded so much paperwork and held up the process. The closing was changed several times and the last XXXX it was done with out notice and cost me {$1000.00} and them some due to lost moving deposits and such. On the day of closing I was never given a number to close and through out the process it changed so variously with out explination as well as the night before I was told a little more than {$4000.00} would be needed. I had to start borrowing when I found out I had to obtain an FHA loan already. The day of closing with out an amount to have at closing I was told to wire what I had in my account and if over paid would get it back at closing. Closing that was set for XXXX happened at XXXX and the amount for closing was the exact amount I wired. I questioned it but was told I would get answers. After closing I left and the only time I heard form either party was when they needed more papers that were forgotten during closing. My monthly payment per the USDA is over 40 % of my income when it should have only qualified for up to 29 %. I was advised to contact CFPB to obtain assistance. I have all the documents and emails as well as any correspondences and will upload as much as I can. I did notice on my application that the loan officer filled out there is an amount I dont know where he obtain it from. I dont know how they justified the {$120000.00} pre approval amount and I only ended up obtaining a {$90000.00} home. I have a payment and HOA fees of {$150.00} a month. I cant even get documents I requested about items that were supposed to be fixed. I have attempted to contact the lender and realtor. the realtor signed a contract that if you are not happy they will resell your home with out cost to you if its with in 6 months and I attempted to enforce that but was unsuccessful. I am out deposits, down payments, inspections, moving cost, and repairs that were n't notated in the inspection. I have emailed and called supervisors but to no avail.