Citrus Lending Reviews (%countItem)
Citrus Lending Rating
Address: 1100 N. Wile Ave, Crystal River, Florida, United States, 34429
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2/2017, approved for a home loan by them. They delayed for almost 6 mths. the night before closing I got an e-mail denial no phone call, after 5pm
Because of lower credit scores I shopped around when we decided to look for a home. Citrus sent me a letter that they could work with us. A few weeks later I received an approval letter. We were working with SHIP (part of HUD) for our down payment Citrus assured me that they had worked with them before. I later found out from SHIP that this was not true at all. Every time we were ready to close, they send a delay notice requesting more paperwork. We paid for an appraisal they got an e-mail that it wasn't enough money so we had to send more. I did find out that they are not registered with federal govt. at all. They did not return my phone calls all I ever got was a lot of e-mails. They gave us their cell phone numbers, but whenever I called, the answering machines picked up - unless I blocked my phone number from showing up, then they would answer. We are both over 68 and on disability, we were treated very poorly by the owner and the workers with her. In the three weeks prior to what was to be our final closing date, Citrus caused 14 hard inquiry hits on our credit reports. This caused our scored to plummet and prevented us from using another lender until the credit reports can be repaired. Neither the real estate nor us got any indication that the loan was not going to finalize. After five on the night before closing we got e-mails stating that the lender had backed out. The reasons that I was given were that the price of the home was not high enough. Megan at Citrus told us in the beginning that the loan amount could not exceed $60,000. The home we found was $48,500. She stated that the lender did not stand to make enough money off of financing this home and did not want to work the SHIP program. From the very first day that we contacted Citrus, they were informed and we were using the SHIP program for the down payment, and she knew a few weeks into the loan process that we were using SHIP, she was put in contact with the SHIP representative, and send copies of the paperwork for SHIP. It was never kept a secret. I feel that due to our ages (68) that Citrus decided that we were not worth their trouble and effort. To this date I still do not know the name of the actual lender that they were using. And I have not gotten a formal denial letter or anything else other than the e-mail. People need to be made aware that they are not a direct lender as they lead you to believe. They are a mortgage brokerage and they try to find you a lender. They hide behind bible verses on everything they send out. Attempting to get the appropriate paperwork that you need from them in a timely manner is not going to happen. We had already given up our rental house and had scheduled utilities to be turned off. We lost a lot of money because of them, and got nothing in return. We never even received an apology. I feel that they are preying on older citizens, and those that are seeking a last resort way to own a home.
I would like them to contact the credit bureaus in writing, and send me copies of everything that they send. I want them to make sure that all of the hard hits on our credit reports are removed. I have spoken to our family attorney and he advised me that this is something that they can do. There are multiple hits on the reports for one company that they contacted. This was un-necessary and has lowered both of our credit reports by over 20 points each.
Contact Name and Title: MEGAN E - OWNER
Contact Phone: 352-746-4290
Contact Email: [email protected]
We are truly sorry that the *** loan was declined. We are very sorry that they lost their home. We never wanted this to happen and we feel very bad for them.
We are a Mortgage Broker and never pretend to be a direct lender. See our website print out attached. Any and all of our advertising state that we are licensed Brokers. Not lenders. We depend on our lenders to close on loans in a timely fashion.
We work with all ages and NEVER discriminate. We work with very low credit score borrowers down to a 500-credit score. We also work with very good credit score borrowers. We do not discriminate based on credit scores or loan amounts. We try to do our very best and help everyone achieve home ownership.
*** and *** approached us with a very great need to get a home. Although they had some credit issues and were very low scores, Citrus Lending was able to find a lender to work with the ***. We pre-approved the *** to purchase a home in February 2017. We gave them a budget and they began to look for a home. They found a home in April 2017 and went into contract.
We received their loan approval on 4/18/2017 from Residential Acceptance Corporation. See attached.
We did get the lender's approval letter that approved the *** with the SHIP funds. See original approval letter attached with SHIP funds.
We do work with SHIP programs all over Florida. Each county has their own approval process.
This was our first time working with the SHIP program in Washington Co.
We communicated with the *** at all times. *** indicated that one of my employees was not responding to her in a timely fashion, I had a conversation with the employee to better communicate with the borrowers. This was an issue we rectified. Personally, whenever the *** called me or e-mailed me directly I would answer or return their calls. The only time I didn't answer the live call is when I was on another call. But I always returned their calls and e-mails.
The *** paid the appraiser directly. The only time we will collect money for an appraisal is on a VA loan. If the appraiser asked for more money to complete the report that was between the *** and the appraiser. We do not gain anything from the appraisal costs.
We do not ever collect money for any reason from the borrowers in advance. The only time we collect funds in advance is on a VA loan for their appraisal. This is paid to the VA appraiser.
We do not gain anything from anyone unless the loan closes. Then we earn our funds from Lender Paid Compensation. Unless the borrower agrees to pay us directly at closing.
We did not PULL or ""hit"" their credit 14 times. See the credit report invoice attached their credit was pulled 2 times for the tri-merge (1 - in the beginning of the loan process and 1 - in the end - hoping the scores improved 2 months later) and one time in February when we did the pre-approval process. Credit reports are only good for 90 days and sometimes we will re-pull with the hope of the scores improving so that the *** would benefit from the higher score.
The lender did deny the SHIP funds to be used on this transaction at the last minute. The lender indicated that the credit score below 580 was no longer acceptable and that the investor's guidelines changed and they no longer allowed the credit score below 580 to use SHIP funds. This came as a SHOCK to all of us.
We immediately called the *** to tell them the news and they hung up on me. So, I then sent them an e-mail to explain the situation. I then called the realtor.
WE all were expecting a clear to close and the lender said they were cancelling the loan. Very up-setting to Citrus Lending and the ***.
I sent the lenders denial letter (see attached) to the *** via e-mail and to their realtor via e-mail. The entire paper trail is attached.
I NEVER told the *** that their loan was cancelled due to the loan amount being too low. That is not true at all. WE have closed loans as low as 35K.
We were aware of the SHIP funds and so was the lender. The loan was declined due to lack of funds to close due to the SHIP funds being rejected.
WE would never discriminate against any one for any reason. WE would never harm an elderly person for any reason.
The *** were sent the approval letter stating the LENDERS NAME AND ADDRESS AND E-MAIL ADDRESSES ON THEM. The *** were sent the decline letter straight from the lender stating their name and contact information. This was all provided to them. So, they are not telling the truth in this matter.
Citrus Lending never stated we were a direct lender. NEVER DID and NEVER would. See attached from my web site. It has all over the webpage we are a BROKER.
We do not prey the elderly and do not hide behind scripture. We do operate on Godly principles and will stand on them all the way.
Since the *** wrote this very untruthful statement to the Revdex.com they have reached out to me for a letter to be written in their behalf to help them get their credit straightened out.
We did send them a letter. We did tell them that we would help them any way we could.
Please see all the e-mail correspondence attached since this loan was declined. You will see the last e-mail I received from the *** is an APOLOGY of all the negative words she spoke over me and my company.
WE are a great company that has helped thousands of consumers get into their dream homes some with low credit scores and some with really good credit scores.
I told the *** if they could get their scores above 580 we could get them an FHA mortgage with 3.5% down and they could use the SHIP funds. OR if they remained below the 580 we could get them an FHA mortgage with 10% down. They just aren't allowed to use SHIP funds with the below 580 dues to the guideline changes. Thank you.
Sincerely,
Megan E NMLS # 326418
Citrus Lending Inc. NMLS # 326484
1100 N. Lyle Ave.
Crystal River, FL 34429
352-746-4290