Fembi Mortgage

My wife and I were considering purchasing a second home and rent out our current home. We spoke to a real estate agent who referred us to Gustavo R. of FEMBI. We spoke with Gustavo to see if this was something that was feasible before deciding to proceed or not. We presented him with our full credit reports, income, bank statements, tax returns, and every single debt that we have. We specifically discussed our student loans (which are currently deferred) and he assured us they would not be a factor because they were deferred. We left excited with a pre-approval letter for $220k for our second home. We then began working with an agent and looked at dozens of home over the next couple months, before finding one that we loved. We went conservative and well under budget and got the home under contract for $180k. Of course Gustavo and FEMBI were in the loop during this and the contract was sent along to them. They processed the appraisal and it came back great. We then paid for our inspection which also came back great. We were excited and confident that we were all set on our new home. Then a couple weeks later we received a call stating that there was a problem. He erroneously advised us that our student loans would not be included. He also was incorrect in stating that we could use rental income of our current home if needed. Furious, I demanded to meet with him immediately. His first sentence was ?So you wanted to meet with me?? Unbelievable, and highly unprofessional. He proceeded to advise that he made a mistake and was very proud of the fact that he was owning up to it and explicitly told me that he could have lied to me to cover it up. Apparently not lying is going above and beyond. He was unprofessional and proactive in no way to help. I had to fight with Gustavo and his manager (Charles R.) to even get a portion of the money back that I spent on the appraisal and inspection, which should have been the absolute least they offered. My family spent endless hours looking at homes, getting excited, all the paperwork, only to have our dreams blow up due to pure incompetence. The time and emotional distress FEMBI caused us is sickening. Their ?oversight? was not an insignificant detail; he advised us he mistakenly followed the wrong program. This is something when speaking with other brokers after the fact is inconceivable and a huge red flag. A company that can allow one to make sure a glaring issue, which was unnoticed for weeks and weeks, cannot be trusted and I would STRONGLY advise against anyone ever using them. After everything was over I told them to explain to my realtor and of course Charles R. was less than willing to accept the blame. This company should be avoided at all costs. There are honest and reliable brokers out there that I unfortunately found out about too late.

They intervened when I couldn't get a conventional loan because the condo association didn't have 10% reserves, which precluded our government backing. They got me the loan for my condo when conventional bank couldn't. The cost was actually less than what the bank was going to charge me. It is difficult to buy a condo because they have all these regulations.