Sooo...if you want to be cheated out of $1000.00 this company is for you. I got one of those flyers in the mail from LGI homes in Davenport, Florida. It promised buying a home with 0 downpayment.
I was told that I qualified for the Florida Bond loan program although I told the realtor that I had previously owned a home in another state. He told me that as long as I've never owned a home in Florida then I would qualify as a first time home buyer in this state.
Please be aware, if you've owned a home and someone tries to pitch the Florida or USDA bond, after you've advised them that you already owned a home...run!
They "encouraged" me to go with the FHA loan which I also qualified for, not advising me that once I went with the FHA loan, that I would no longer be able to request the refund of my Earnest Money deposit. So when I called to cancel my loan application they refused to give me the refund. There was no accountability on their part for how unethical they were when I was no longer able to be financed under the Florida Bond and I unwittingly entered in a new loan application where they could keep my money.
I just wanted to share with any other home buyer who may not be as knowledgeable as I was. Make sure to ask questions, and if you feel pressured to enter into a loan, don't do anything until you've done the due diligence to protect yourself.
I guess I should thank them though...because of them I'm now wiser and I'll never be duped by another real estate company again. read more