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Review 1/5/2011
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Lending Company committed to a loan home for a property we were purchasing. Initial loan offered was a 30 year conventional at 4.25% interest for the first 40 days of escrow, then changed the terms the last (5) days of escrow to an FHA 5/1 ARM. Company did not provide full disclosure on the 5/1 ARM until escrow docs were presented. Company had us sign loan docs (1) day after promised close date, and then denied loan (2) days after after close date and put us in Breach-of-Contract. This caused (4) families to lose their existing homes.
Lender should fund and close on 30 yr conv @4.25.
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