I began a home loan process through MortgageIT who contacted me through Lending Tree. I informed them that I wanted to obtain a home loan and was provided an interest rate which I locked in for $295 with !00% financing with an interest rate of 5.87. I then found a manufactured home and advised Stelina Tibodeau at MortgageIT. I advised her that I was aware that I the manufactured home would require me to put 10% down and possibly pay a higher rate. I was assured that the loan would be processed with the original terms. Tibodeau later contacted me and said that she could still do 100% financing but that the interest rate was now 6.25 through Country Wide. The loan proceded for a month before Tibodeau now advised me that Country Wide was requiring 5% down. I begged and borrowed and came up with 5% ($16, 000). Only to be contacted the day before we signed papers and advised that Country Wide now required 10% down. I immediately terminated the process only to be advised by MortgageIT that they now had Flagstar who was willing to do the loan for 5% down under the original terms. We proceeded again. I was advised by MortgageIT to submit a gift letter from parents who had provided me with the 5% down payment, and I complied. I was then contacted again and advised that Flagstar was now requiring an additional $6000. I terminated the process again.

This entire process took 2 months. The sellers had packed up and entered into a purchase contract on another home. We gave notice on our rental home, not to mention the $400 we paid for an appraisal on the home for which we were assured by MortgageIT that the loan was approved.

I feel as if we were being baited and switched all along. I was advised that my processing fee would be refunded, which has yet to be done. I also want my appraisal fee refunded as this was done only on their approval.

I also caution anyone against doing business with any of these agencies.