BMO Harris Mortgage Complaint

BMO Harris Mortgage department,

FHA mortgage Credit decision / Underwriting Illinois

I applied for a home mortgage loan with BMO Harris Bank N.A . I chose this financial institution because they are listed as - of the few authorized lenders for the 1st Home Illinois program offered through - I am a - - - - - male. I have a - credit score, a 0 % debt to income ration, and am on a fixed income through social security. I was pre-approved in -. I have had no change to my income, credit score or debt ratio from the time I was originally pre-approved. In - 2016 BMO Harris requested that I pay a $490.00 dollar application fee. After I paid the fee they completed the appraisal on the property I have a contract on. The appraisal came back within range of market value and requested price. I meet all the requirements for the 1st Home Illinois program ) I was told this by the lender and instructed to complete the homebuyer counseling course and obtain a certificate. I received an email on - - stating my loan application was denied due to " Limited credit experience and Value or Type of Collateral not Sufficient. In figuring a credit score


if the Federal Trade Commission considers social security a reliable source then why is this not the case with the lender. The - states I may not be discriminated against due to age, however I feel it is the basis for my denial. After all, how could I initially be pre-approved based on credit and income and then denied based on the same criteria which has not changed at all. In fact my current rent of $630.00 is actually higher than what my mortgage would be, which is estimated at $430.00. The - states credit should be made available to creditworthy applicants without regard to color, religion, sex or age. My - makes me creditworthy!