Business ProfileforMortgage Solutions Financial

As a first time home buyer, this was the worst process ever. I was referred by a friend to use this company and not only did I not close on the home, but I am out of close to $6,000.00. At the start of this process, I was told the price range in which I qualify for. Taking in to accountability my debt to ratio income, I was given a certain amount. To make a long story short, from there, I found a really nice townhome and went in to closing. $3,500 of ******* money was placed on the table and all of the utilities was placed in my name. Two days before closing, the realtor and myself had asked my appointed loan originator was there anything else needed. My originator relayed to the both of us that we were good to go and looking forward to closing. We did not hear from my originator the next day or during closing. Once I finally heard back from my originator, I was told that I could not qualify for this home unless I get a letter from my student loans company(letter of explanation) stating I only have to pay $10.00 a month for my loans. Due to how much I make, this was impossible! I would also have to get my credit ran once again. Needless to say, the home fell through and it was too late to gain my $3,500 back, the $500.00 for the attorney fee additionally, and 3 months for the homes utilities that I never closed on or lived in(water, electric, and gas). I proceeded to ask the originator for his manager's contact and never received a response. A lady I spoke with not only told me my originator wasn't in the office, but that she will have a manager contact me. This never happened! The pretty much told me that their was nothing they can do. I am now at a complete loss.

February 26, ****


Better Business Bureau
Re: BBB Review ID: *****


To Whom It May ********


Mortgage Solutions of Colorado, LLC dba Mortgage Solutions Financial (MSF) is in receipt of the Review posted by *********************** (the Applicant) with the Better Business Bureau, received by MSF on February 22, ****. **************** stated he had a terrible experience as a first-time home buyer; he was given a price range based on their income and debt-to-income ratio but were informed two days before closing that they needed a letter from their student loan company stating they only had to pay $10.00 a month for their loans to qualify. **************** further stated that leading up to his closing date he was unable to contact his loan originator,resulting in him being unable to close on the home and lost approximately $6,000. 

Upon receipt of this review, MSF conducted a thorough review of the loan and found that ******************** loan application faced several challenges, leading to the contract cancellation. He initially met the debt to income (DTI) ratios but a significant increase in the down payment assistance interest rates pushed him above the acceptable threshold. To remedy this, a standard FHA loan was offered, requiring him to use a portion of his liquid assets for the down payment.  **************** declined this option,stating he didn't want to use assets outside of ******* money and inspection fees.  The Loan Originator recommended adding a co-borrower and/or getting an income-based repayment plan for his student loans to lower his DTI.  **************** initially agreed to adding a co-borrower; however, never submitted the information to MSF further delaying the process.

In addition to the Loan Originators communication with ****************, the branch manager also spoke with him on multiple occasions and discussed the issues we encountered throughout the loan process.  MSF requested a closing date extension from the real estate agent to allow for more time to try and restructure the loan, which was never received.On October 31, 2023, the agent informed the loan originator that **************** had canceled the contract.


MSF would like to thank the Applicant for providing us with the opportunity to work with him and encourage him to continue his efforts towards homeownership. At MSF, we strive to exceed our customers expectations with every interaction, and we regret that wasnt the case in this instance.

Sincerely,

Mortgage Solutions Financial ******************** Team