Flagstar Bank Mortgage Complaint

Flagstar Bank Mortgage department,

FHA mortgage Credit decision / Underwriting Michigan

I applied for an FHA refinance on my home with possible cash out for home improvements at the end of - - through - - -. I currently have a land contract which has a balloon payment due in - -. It took until - - until I was approved for the refinance. Then we had to get the approval for the cash out. The underwriters through Flagstar Bank started to ask for clarification and more paperwork, some of which had already been explained and/or sent to them. This went on for - months. On - -, -, - - - advised us that Flagstar Bank had denied our refinance. This has caused us significant hardship because we are under a time limit due to the land contract balloon payment being due In - -. I feel - months is excessively long to wait for a decision on a refinance. I had the necessary credit score. If they would have given me their decision in a more reasonable time frame, I would have been able to correct the issues that caused them to deny the loan. Now I have less than a year to correct the issues and try to refinance the home. This is causing me significant hardship due to this delay.