Wells Fargo & Company Complaint - Wells Fargo 203k Is a ripoff
VIRGINIA -- My wife an I applied for a 203k Construction loan for a home addition. AVOID THIS PRODUCT!! At the very least don't use Wells Fargo. They are unresponsive, and the process takes forever. We began this process 3 months ago. We met with the loan officer, went over the application, filled it out, and then the fun began. After collecting our application fee, there was the long wait for the appraisal. We had to call repeatedly to get this scheduled. Once the house was appraised we started getting item after item that we needed to fill out and send back. Despite top notch credit ratings, a good home appraisal, and stable employment, they continued to find a little item here an there that they needed us to submit. After 3 months of answering their questions, they said our information was "out of date" and wanted the same stuff all over again. They then wanted us to submit an audit from an accountant. AN AUDIT! Our accountant told us this would cost us $4,000! All of this an we have not even been approved for the loan yet!I finally had enough and walked away, 4500 poorer for my effort. They are happy to collect your $500 application fee and the throw road block after road block in your way. Your loan officer will not tell you this. He will then blame it on the underwriter who will blame it on FHA. If you want a construction loan, I suggest you try another bank. They could not be any worse than Wells Fargo.