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We closed on our house last September. I went through the same thing as you. It was stressful to say the least but we hung in there and closed. I assume this will be more and more the standard as banks are getting tighter and tighter with their lending practices. They need to verify every single document.
2/24/2011.........Wasted 4 weeks of our time. Perfect Credit, No Debt, 4 Paid off Properties and make over 100,000 per year. I have never had someone want so much information on any loan during our life time. They made me get a letter from my employer as to WHY I recieved a pay increase 6 months earlier then when I applied for the loan!!! They made us write and wanted us to rewrite why we were purchasing the home we were applying for. After providing them all our bank statements, they wanted a paystub to verify a deposit, when that was not good enough they wanted the receipts from when the deposit was made and even after providing them all of these items they required us to write a letter to the such as well. We were looking to borrow $100000 on a $143,000 Property! NEVER AGAIN. Went through a broker. No one has ever made us feel as though we were such a piece of ****!
bradley5028 - In the end did they provide you with the loan? We are going through the same exact type of hell as we speak. We are 5 days past closing and waiting for them to approve one final condition which we submitted paperwork for 2 days ago. They say the condition is with management for clearance but I don't understand how long that can possibly take. Our seller is about to place a "time is of the essence" which will provide us with only a few more days and then we lose the house. We are at our wits end. We have given them exactly everything they have asked for. We are just now wondering if we are going to lose our house if they don't clear that final condition or deny us at this point.
bradley5028 - In the end did they provide you with the loan? We are going through the same exact type of hell as we speak. We are 5 days past closing and waiting for them to approve one final condition which we submitted paperwork for 2 days ago. They say the condition is with management for clearance but I don't understand how long that can possibly take. Our seller is about to place a "time is of the essence" which will provide us with only a few more days and then we lose the house. We are at our wits end. We have given them exactly everything they have asked for. We are just now wondering if we are going to lose our house if they don't clear that final condition or deny us at this point.
How did things turn out? I'm about to start the application process with Provident.
My current house is with provident funding. We bought it in 2011 too. My broker was very good. They didn't ask too much, two years' tax return and answered one list of questions. No trouble with them so far. I am currently applying my loan with BOA that wants our four year (2011-2014) tax return. I am regretted to go with BOA now. They ask way more questions than provident funding. We are at question and answer round two now. Nothing I can't answer so far. I just worry the question will be endless...
My current house is with provident funding. We bought it in 2011 too. My broker was very good. They didn't ask too much, two years' tax return and answered one list of questions. No trouble with them so far. I am currently applying my loan with BOA that wants our four year (2011-2014) tax return. I am regretted to go with BOA now. They ask way more questions than provident funding. We are at question and answer round two now. Nothing I can't answer so far. I just worry the question will be endless...
Dora, the loan process and requirements have changed since 2011. Don't blame BofA for that (which is not to say I'm a fan of BofA).
Provident was my mtg provider in Dec 2011 and still is today ( never resold the loan )
Excellent customer service few times I had to contact them on the phone.
Best rates in the biz if you are a top notch client with an 800 credit score
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