Flagstar Bank / home lending division - 203k
I don't even know where to begin with this complaint. We were referred to Flagstar bank by our realtor. The house we wanted to buy needed some work so we found out about this FHA loan called the 203K. The 203K loan (streamline or Full) allows you to borrow additional money on top of the purchase price of the home to make necessary (and approved by the 203K consultant) repairs. We began this process with Flagstar in March of 2009. Here it is, July 2009, 1 day away from our second extension and close date and we STILL do not have the CLEAR TO CLOSE. Flagstar Home Lendings guidelines for this loan are absolutely unbelievable. It has become very evident to me that they do not want to close these loans. They are coming up with condition after condition after condition. Heck there are conditions FOR conditions if that makes any sense at all. My loan officer here in Indianapolis is Tim Paul and I would recommend staying as far away from Flagstar home lending as possible. Tim Paul is basically a paper pusher and he does not care about you or the dream house you are wanting to get into. All he cares about is the loan origination fee so he can get PAID. Granted, my case wasn't the easiest to attempt to close but no case is easy unless you have prestine credit and boatloads of money for a down payment. I would guess that maybe 5% of loans are like that. The rest of us folks - like you and I - suffer.
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