I was pre-qualified with Lennar home builder in Feb 2013, we were waiting for the home we wanted to become available and released. We went to several releases.
The builder drug out the releases with only 4 houses at each release. All the while Lennar raised the prices on each home at every release. 4 months later they had the home for us by the time our release came around the price rose $30,000 and interest rates increased. Not one person, including the Loan Officer contacted us to re-qualify us on the new purchas price and interest rate.
I am in the industry and did it myself and knew what the numbers would be. However, normal homebuyers are not educated on this. Lennar will bring you in have you sign a contract take your deposit and then dissapoint you sadly and let you know you no longer qualify. They issued the release email to let us know the lot we wanted would be available to reserve, this email did not get sent out till Thursday evening after 6:00 pm and where to figure out the financials by ourselves, prior to choosing the home we wanted on Saturday????
I spoke to the Loan Officer on Friday and she very frankly told me that she didn't know if she could give me a call back that day and did not bother to ask if I needed help with re-qualifying for Saturdays release, which was happening the next day. I then emailed the Loan Officer and asked her for a statement that would show the new cash to close, and new payment detail for the increased purchase price and interest rate. Again, I was told she could not do it that day. No other comment.
Total lack of care and concern. I assume that's because if you won't buy it at the higher sales price someone else will (Said directly from a sales agent at the Lennar builder office at Rosena Ranch.)
We had the extra money to put down and qualify. However, if you can't get anyone to help you or care to, what happens when you have a problem with the home???? Also, they will tell you up front that they'll pay closing costs, BEWARE they'll reduce that, all the while they'll continue to raise the price of the home that you are waiting to buy and they'll drag their feet on releasing it to make more money!!!!
This is not a professional or reputable builer, Lennar also does the financing for the mortgage, can't imagine what that hassle would be like.
I am very familiar with the process of home loans, I have been doing this for over 15 years.
Having said that I am speaking from educated experience. DO NOT BUY A HOME FROM LENNAR!
Product or Service Mentioned: Lennar Customer Care.