Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5291670
Complaint Overview
Complaint ID: 5291670
Company: Cmg Financial Services, INC.
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: South Dakota
ZIP Code: 577XX
Date Received: 2022-03-06T12:00:00-05:00
Date Sent to Company: 2022-03-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XXXX of 2021, my family decided to look into moving to SD to be closer to family. We spoke with realtor about selling and purchasing. After speaking with a realtor within the new state we were recommended to a loan officer with CMG Financial. Our initial inquiry was if we could get approved for a home for X amount with minimum down payment for FHA loan. During phone call with assistant we were informed this would qualify so long we sold our current home as with this on our credit we would not. We immediately put our house on the market and sold the home in XXXX of 2021. We immediately paid off some additional debt to help prepare for the higher mortgage payment. The new home was to be ready in XXXX so in XXXX we signed purchase agreement and submitted it to the loan officer only to be told we would not qualify without a down payment over 20 % due to income. At this point he had pay stubs before we even sold the home and never indicated this was an issue if this was the case we would have not sold the home until income was met. Loan officer then offered a solution that if my wife were to get a job pay X amount gross he would accept an acceptance letter from the new employer to gain approval. Immediately my wife applied and received offer of employment. We then booked an XXXX in the new state and headed to the new state after arriving and notifying the story changed again that acceptance letter would not be sufficient and need 6 months income prior. Now we have a family of 4 with no permanent residence. We would not have sold our home only to be downgrading our lives and pay more for it due to rental properties pricing.
Frequently Asked Questions
What is Complaint #5291670 about?
Complaint #5291670 was filed against Cmg Financial Services, INC. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-03-06T12:00:00-05:00.
How did Cmg Financial Services, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Cmg Financial Services, INC.?
Yes, visit the Cmg Financial Services, INC. company profile at readthecomplaint.com/company/cmg-financial-services-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.