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Applied as a first time home buyer. Trusted lender to evaluate amount of mortgage payment I could afford. Lender underestimated closing costs by {$2000.00}. Corrected costs after too late to cancel contract on home purchase. Also found out after too late to cancel and get refund of earnest money that lender qualified me for a home mortgage loan at 55 % of my take home pay, after simple costs of utilities, car insurance, I would have left {$200.00} for all living expenses, food, clothing, gas to get to and from work. Lender admitted by phone that he made errors and would submit a retraction of my loan approval but did the retraction in a way so that I can not get my earnest money back. Lender did not tell me payment amount until after cancellation time had passed. The Administrator of the Real Estate Company I was working with, XXXX XXXX XXXX, called the lender. The Manager of the firm told her they were not working on a loan for me because they did not have a signed loan application. She inquired if that meant they were not working on a loan for me, they responded they were only gathering information yet they have not filed proper paperwork admitting they made a mistake qualifying me so that I can get the earnest money returned.
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