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After applying for a conventional mortgage with a 5/3 mortgage loan officer (asst vp), that required a 25% down payment and a $325 app fee, loan was submitted to underwriting (jokers).

After the appraisal was completed (came in lot higher than loan amount),they declined the loan application. Their excuse was "property condition". They knew that it needed work all along.

It is obvious to me that they have no clue on how to treat long time customers (+/- 9 yrs). I believe the reason for loan refusal is they don't want mortgages that are less than 50k. I will be taking my banking elsewhere.

Review about: Fifth Third Bank Loan.

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cohbie
#449742

I have just posted something very similar, in a weird way glad we are not alone. They also took our application fee and KNEW we were buying a cabin on 10.5 acres. They are absolutely atrocious!

Anonymous
#203660

I agree with these statements. Here's my 5/3 horror story:

- I have 20% down payment.

- Wife and I have credit scores in the high 700s.

- brand new home in exclusive neighborhood

- extremely stable income

- the monthly payment would actually be less than my current month to month

To be fair, I also have some debt on an investment property, which lowers by debt/equity ratio. But, realistically, this should be straight forward. I can easily afford this and if not, I should get a response right away.

The result? I have been strung around for six weeks with truly endless amounts of paperwork. I have counted requests for 30 (!) documents. The latest was a request to pay off a credit card, to further alter my debt/equity ratio. And of course, I would need documentation of that as well. Also: lost paperwork & confusing instructions from the bank.

Until 5/3 can get its act together, I recommend another bank. I've been advised that until the national banking industry calms down, it's better to go with smaller local banks.

Anonymous
#179534

We had the exact same issue with 5/3.Well qualified buyers and the hous appraised for more than we're paying.

They knew that it was a short sale and still stated there were "condition issues". These condition issues amounted to $2500 and were completely petty.

If I could go back in time, we would NOT have started this loan process with 5/3rd. However due to timing issues with the short sale, we can't go to another lender and are pretty much at the underwriter's mercy.

So we're repairing the house we don't yet own.What's wrong with this picture!?

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