203k Loan Officer misrepresentation, need help!
I am chin deep in a 203k and days from closing but my brokerage company has screwed me good. Please continue reading to get the whole picture...
Ive been working with a loan officer for months now trying to close on a property that has been completely set up for a 203k. According to FHA, i need to contribute 3.5% of the total cost. My loan officer has led me to believe that ANY money that i put towards the loan will be factored into my 3.5%...this would include things such as $400 needed for the HUD write up (had to pay this twice due to the first property not working out), $1000 EMD, $450 appraisal...etc. WELL this loan officer got fired the day before closing (which has already been delayed multiple times for things within the LO's control).
I am now working with a different loan officer to pick up the pieces of my loan and hopefully close monday. He is telling me now that all the money that i have contributed (minus my EMD) will not be contributed to my 3.5%
If i was led to believe i would only need X amount of money throughout the duration of my loan process, to bring to closing....and now a day before i close im told i need to bring a lot more...what are my rights? I feel like they misrepresented my loan.