Consumer complaint received 2024-07-18 00:00:00
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: Ready Capital Corporation
State: GA

Complaint narrative:
When I originally came to Gmsf mortgage I had come with a XXXX credit score and everything that I needed to move forward with the process I filled out their application online and gave them correct information about my finances living situation and income. XX/XX/year> I was pre-approved for a FHA home loan of {$180000.00} dollars my initial plan was to find a home and put the money down for the home which then the lender sent a estimate of how much my down payment would be for {$180000.00} which was {$6400.00} she also said for this amount there would be no gifts allowed for this loan and I would have to pay no problem. I started searching for homes below or {$150000.00} dollars so I asked her to send another estimate of how much that down payment would cost and she sent that over and then sent me the following email on XX/XX/year>, XXXX that reads : I am out of the office today but wanted to let you know the down payment assistant program we have will cover the 3.5 % down payment. So in the case of the {$150000.00} sales price, you would get {$5200.00} towards closing cost. This is a forgivable loan after 10 years. Hopefully you can use this information for with future offers you are making. 



Keep looking and making offers I know the house that is perfect for you and your family will come along! 



Have a great weekend, Once she sent this I was thrilled because rather then 60 days of closing costs to save money away I would now be able to find a home and close earlier. She never disclosed anything to me about specifically where this product was coming from or the requirements just simply that under my understanding they have a product that they can cover for this home loan amount and so I found a home the following week sent her over the information and was told to send some more information w2s, bank statements and then when we spoke on the phone she said that she was doing he application and some money had to be in the account for the loan the staments I sent her were proof of income I thought and there was no funds in the bank and so I explained that too her. And that there would be there next month. Instead of her holding off she continue to then pull my credit and did not notify me about doing it in total she pulled my credit about 3 different times without telling me or asking me to due so I was so confused and frustrated and then she tells me she already did the credit pull and because there was no money in that savings account I did not qualify when from the very beginning I wanted to just put the money down she told me to either end the contract or ask for an extension and then told me to purchase some credit cards? I was so confused so now there has been a large credit pull I spoke with the manager and he said they would move forward as it for the fha loan and put the money down so left my living situation to put the following money away for the home which was a little over {$5000.00} again no issues as I had just got a raise from my job so they tell me to get home owners insurance and send more information about housing verification I send that and proof of payments for over a year they told us they would review and send me the appraisal Information for home and disclosure forms we called and emailed for for a week and got nothing back then the following week today XX/XX/XXXX we get a call from the management saying we could not move forward. That i did not have all things needed for the rental verification which made no sense because i sent him proof of payments for where i was staying car payments and so this brought my family and if great stress and pain and I felt like everything I worked so hard for was ripped away from me I feel manipulated and lied too, that there was misinformation and fraud done on my application and there were promises made that they did not follow when it came to my home owning process as a first time home buyer. Now am I left with a hard credit pull and no home and over XXXX dollars in savings at the end of the month.

Company public response: Company believes the complaint provided an opportunity to answer consumer's questions
Company response to consumer: Closed with explanation