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This company was my first experience with getting a home loan. I should have shopped around but was in a hurry to move on a house. They stated to me on the phone and through email that the whole process from acceptance of offer from seller to final closing was 45 days. We are over a month past that now and still no end in sight. I should mention it was a USDA loan with a guaranteed no money down. We are over a thousand dollars in the hole with earnest deposit and home inspection which I was told, in writing, would be 350-400 dollars and turned out to be 500. The company was very thorough in giving me a timeline of all the things that needed to be accomplished and what had already been done. Along with this list was a set timeframe for every step. Waiting for the USDA Rural Development Office to process the loan and get it back to the mortgage company was about 7-10 business days. By the time they handed our loan over to them (USDA) we were then told it would take 35-45 business days. Their explanation was that somewhere along the line of this loan, they had consolidated their offices down to one and cut almost all their staff. Why we weren't informed of this till the last possible minute is beyond me. Probably so that I wouldn't walk away. I specifically took this loan based on the time frame originally stated. Lastly, after over a month of waiting for the USDA to look at our loan we got an email back from the mortgage company with an update on our file, they didn't even receive our loan the time originally stated. We were now being told they received our loan two weeks after that. My family has been homeless for two weeks now and everyone refuses to make an exception, and is trying to place the blame on someone else. I have been lied to, pushed around, and bleed dry of all my money. At least I still have my voice.
The complaint has been investigated and resolved to the customer’s satisfaction.
I applied through CREFCO for a VA loan. In 2005, I had a conventional loan and was the loan was assumed by EMC servicing. My wife got sick 6 months later and we lost 75% of her income as a Registered Nurse, she contracted a debilitating illness and as of 2/16/2013 is still very sick and the days are getting shorter for her. We lost the house and it was a big mess, I got a letter from the KY Attorney Generals office that I would be getting a cash payment for some type of compensation from the house foreclosure. EMC was a big scam and they made up ridiculous fees. Anyway, I got my middle credit score to 635 and was told by the loan broker at crefco that I was preapproved for the loan, I submitted a purchase contract, etc. I sent all of the required documents and income to them so the underwriter could approve it. I waited patiently for 2 weeks and this past Wednesday (2/13) I get an email from the CREFCO loan officer; sorry the underwriter disapproved the loan, the reason: the MERS database said I had a foreclosure from 2005, she apologized and said this was the first time this has happened to her. I can get the loan if my score was 640 through a different lender or the same lender would do it with a 680 credit score. My credit reports show no foreclosures at all, and all negative information was removed because of the legal problems EMC and the other scammers had to pay, you know over $50 BILLION. So I went through a different lender and it's going ok. Preapproved doesn't mean a thing.
I started with CREFCO in October 2012...got preapproved for USDA to spend $130, 000.00 with 5000 overor under...anyway I found a house I really loved...started all the really paperwork...with a guy named Eric...everything was CHAOTIC! every day he hounded me for more information...then he tells me I have to pay off two small credit cards...less then $1000...I do that send him receipts but that is not good enough...then I spend another $2000 to paydown a small personal loan...spend $390 on a house inspector...then I spend $500 on my good faith down money...then Eric gets fired...someone else takes over the file...they get it to the underwriters...I get a phoen call that I was turned down for being over 48% income to debt ratio which wasn't even told to me until I already signed an agreement on a house...now that family has also signed an agreement for a house and I am left rushing to find another way to buy this house...I have spent $3000 that I had earmarked for other expenditures, my Mom paid off my two small credit cards and I have nothing for it...oh yeah I could go FHA if I had $4600 down money but my whole point of going USDA was NO MONEY DOWN! I am so very disappointed in the housing market and lenders...I have credit scores that are almost 800 with NEVER EVER missing a payment on a bill in my life...WTH! I am currently paying $1200 a month in rent and would have a mortgage payment of $800...a savings of $400...and still I can't get approved for a loan even though I was approved for $130, 000...really what does that mean...so I have handed in my notice to my landlord that I am moving by the end of March, am more than half packed...so what now? Looking for a new lender at no money down...anyone got any suggeestions? I still want this house...
My advice is put it on the BBB board . copy and paste. on the BBB website it states they haven't had a complaint in3 years
theses people contacted me, from my surfing the web about mortgages. i asked about the fannie may govt program, if the caller knew of it. and she got an attitude and asked why i wanted that program. needless to say she knew NOTHING about it.
My husband began the mortgage application process in February, and our closing date was 4/15. Things proceeded smoothly for a time, and Mr. Harnish who is our Loan Officer had an oversight in telling us that the well water did not need to be tested (and even put it in writing for our agent that no inspection was necessary), and water testing was added as a last-minute condition.
It is now 4/25-- we have to move out of our rental. The last-minute conditions are still cropping up, and Mr. Harnish is not as available or in contact with us as he was before I wrote a first, glowing review of his services and CREFCO.
I will write another review of CREFCO and Mr. Harnish's services when this is all said and done. At this moment we are facing homelessness, I have no clear closing date, and no one is returning my calls.
At the least, I can say that there is a lack of organization and clear communication at the end of this process. Kristie Gross was the most organized person through this process so far, but she is limited to handling her role in the process.
I hope to write a final review stating that we were able to close on the house and things came together after a bumpy ride. Time will tell, and I will let you know.
At this moment, my best advice is beware of CREFCO and expect the unexpected in terms of problems.
Its the same story it always just one more thing lost money lost the home we wanted .. Then they wanted to check wife credit, she was not on the loan and more, looks like i will lose 500 . Earnest money, 400. Fees 500 for home inspection. Any one want my in put, here is my contract reddog5400@yahoo.Com
We have been in the process since December 2nd and was promised a closing close to our contract date of January 15th, it is now a a day away from march 90days in and 3 extensions and we are put back to where we started. I was given someone else's credit report to explain derogatorys on and after explaining 3 times they finally say "oops" wrong person. I've had email saying they have received our papers to only be called two days later to say they have not yet gotten them, after telling exact time and date of sending papers in they finally see them. We sent in a form 4 times for our tax transcript only to be asked to call IRS and request them myself. I've been talking with other lenders and they don't see any reason as to why it is taking so long hopefully someone looking to buy will look at this and really do there research. Even though another person has had a great experience with the company don't mean all offices are the same. The Ohio office has poor attitudes, they talk over you and make it look like you have not turned in paperwork even the day they ask for it by email. They have no communication amongst each other and don't mind sending your personal and confidential information to someone else, just be careful.
I'm in the same boat. I started my loan in january 2017, told elijah everything i was paying out including the payment arrament i had with the irs.
I was told that theres no issues with that and, he keep quoting that if i didn't feel good about this loan i wouldn't be working as hard as i am. I paid the apprsal fee of $ 510.00 because i was informed that my debit to income ratio was good and we could move forward. I'm thinking ok they included the tax information which will be paid off when i get my refund. Here it is march 2017 and i was approved my the usda underwritted but they questioned the irs taxes, the underwriter with crefco is having a issue. Because the tax information wasn't included in my debit to income ratio, they droped the ball on that and now i'm over. I just received an raise of 1.69 more an hour, which would put me way low on my dti, the underwriter with crefco will not accept tt. I had my supervisor right a letter stating that i'm receiving a raise when it started and when my first paycheck will be showing it which is april 3rd. I sent in my contract from my company showing that i will be receiving a raise on the same date, i've done everything i asked, told everything up front and because this loan agent dropped the ball at the begaining of the loan, here i am 1500.00 paid out and waiting to see if the underwriter will get the stick out of their ### and except the only proff i have on my raise, this was also sent in on company letterhead. If i could go back in time i would never use crefco they are liars and they keep things from you until the very last moment. I don't know if i will get this loan or not, what i do know is do not use them.