Business ProfileforTowne Bank

I do NOT recommend for a first-time buyer coming from an under-served community.
I had to be my own advocate the entire process. It was always hard to get in touch with my loan offer and he NEVER followed up and looked into certain questions. I went with the mortgage company that's located in RVA.

From the first time we spoke, it was off to a bad start. He was condescending & short with me. I did try to keep the faith and we talked it out to carry on with the process. But his spotty behavior continued as months went on. Sometimes I would just call other branches or his manager to get questions answered about the VH grants or my loan process when I wouldn't hear back from Marco.

What upset me the most, was that he dropped the ball on my securing the FHLB grant. We were in contact since 1/2021 and I was aware I could secure the grant with a ratified contract. When April rolls around, he says funds are running low but nothing else. I'm not sure if he is not allowed to give the exact $ amt but I asked over and over via email and nothing. This was important for me to know because it was a big part of my buying power! Also, it was in the news that the amount distributed for the FHLB grant increased around that time so I really didn't get why it ran out in 4/2021. A few weeks later, I ask if the funds are released for the customers whose contract fall through. He said "yes," and then said it was too late to get on the wait list. Why was this not brought to my attention sooner when we went over worksheets including the grant since FEBRUARY! I was TRULY my only advocate and it was exhausting. It's like the bank doesn't care about seeing the mission for the loan subsidy program is met for those in need.
Anyway, because of that missed ***** I had to search for a home farther from my job using the **** loan instead. This was able to get me a home without down-payment funds and pair the loan type with ***** CCA. Thankfully, I'm a self-starter and I can pivot quickly to think of a work-around through independent research.

I often wonder if my experience was disappointing because I wasn't going the conventional loan route though I qualified for that loan product as well.

Also, I signed a form providing permission to request my tax transcript from the IRS in FEB OR MAR but they never submitted the form. So then I'm asked to call the irs myself and do the work two weeks before my closing date in mid-May. It really ****** me off because all he had to say was "the IRS is backed up and delayed". Honestly, I don't believe they even submitted the documents requesting the information.

Next hiccup was how a few days before closing, the underwriter working on my file left the company. So here I am getting calls and request to submit all of the same information. Not to mention there was an issue with the appraisal report that was found the day we were scheduled to close. Thankfully, they did transfer my file to a sweet woman in VA beach and she pulled my docs timely to help us close.

Also, he offered he would get me in touch with a counselor for assistance securing an additional grant after **** funds ran out and NEVER DID IT. He just kept on with the process as If i never brought it up.

At any rate, I did end up closing on my house because I was in a bind.

If I didn't have to rush and just close in May I would have cancelled and moved with another company ENTIRELY!

If you don't have support from family/friends and you're buying a house alone, they will not cater to your first time buyer questions/concerns. If they do, it will be the BARE minimum.

Good luck!

TowneBank Mortgage has received this review and will correspond directly with the client.