Applied for a mortgage with full disclosure that property was a condo in a HOA. Provided address AT TIME OF APPLICATION. So they had full knowledge. Asked loan officer three times if 5% down applied to mortgages on condo. Yes. Yes. Three weeks and enough paperwork for them to see every detail of my life and they say we’ll give you 75% but only if HOA is warrantable because this is a Fannie Mae loan and we have to go by their rules. Again THEY KNEW FROM THE START what kind of property this was and had 5% down payment in my pre-qual paperwork. I put in my offer based on that and now I’m out cash for inspection, option fee and agent fee for new homeowner’s policy. Two realtors won’t get commission after busting their tails. And seller obviously disappointed. What’s worse is all the skirting around answers or avoiding them altogether because they know they screwed up. DO NOT WASTE YOUR TIME!
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Randolph-Brooks Federal Credit Union is more than just a bank. It is a financial cooperative intent on helping members save time, save money and earn money. Whether it’s opening a first account, buying a car, building a dream home or planning for retirement, their team of dedicated professionals are here to help you achieve your goals and build a strong financial future.See more