I contacted CREFCO in May 2016 for information on first time home buying. I have worked for the same company for 7 years and I have never owned a home. My credit was average and I had some credit issues but I wanted their advice on what to do to own a home. I wanted to move out of my apartment. Another banks declined me for a home and said I needed my student loans out of deferment before they could underwrite my mortgage and I appreciate the other mortgage company’s honesty. Crefco sent an email and said I was approved for $100,000 and to look for a house. I found one and the list price was $109,900. CREFCO said because the property taxes were low they would finance $110,000. The seller agreed to pay $5000 in closing costs. I submitted my contact in June with an expected closing of July 29. I submitted my financial information and letters of explanation. I paid $765 for an appraisal and I still haven’t closed. My real estate agent said if I had used a different bank I would not have as many problems. Since August 31 we are waiting for the underwriter to review my information. I don’t mind waiting but the seller wants to sell the house asap. I understand that the banks have to comply with anti money laundering laws but me and the seller are not sure it we have done something wrong or if the bankers are just lazy. Furthermore, I am not sure if my gender and race is causing me to be discriminated against. I wonder if males have to meet the same conditions as women.? If I don’t close I will probably try a different bank next time. Not trying to sound sarcastic, I know banks have to fight terrorism and money laundering but terrorist and drug dealers probably will close before naturally born citizens who work in the US everyday. I am not a drug dealer, tax evader, or terrorist, and in my opinion USA naturally born citizens who work and whose parents were in the US military should be able to finance homes via banks. All banks should be required to perform the same due diligence because this is not fair for the buyer. If the seller purchases the home with illegal finds, the buyer loses their money on inspections and appraisals cause the banks won’t close. On any account maybe I should stop pouting, keep saving, and build a new house.
This review (CREFCO Financial Group, Inc. Review) was originally published at Skeptic Files.
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