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Bradley Said:

Does a consumer have a legal right to request this from mortgage lender?

We Answered:

My bottom line advice is to do whatever is necessary to stop dealing with Bank of America~ I closed my accounts about 3 years ago & my parents (the reason I had to answer this question) actually closed their accounts today after being pre-approved for a loan to build a house, the house is built now, they're ready to close next week and Bank of America denied them this morning~ the bigger issue is that they actually have enough money in Bank of America to pay cash for the home almost 4 times! They were LIVID & that's putting it lightly, needless to say BOA tried everything they could after they showed up to start closing accounts but they finally heeded my advice! I closed because they were withholding my money in my accounts though, not because of loans~ oh, and because BOA had been giving home loans to illegals with fake or stolen social security numbers back then.
So okay, YES, YOU HAVE THE RIGHT TO REQUEST ANY DOCUMENTATION CONCERNING YOUR TRANSACTION/S WITH THE BANK. My advice is that you should just go (if in the same city), don't attempt to make appointments, take the papers with you, place them in someones hands, get their name &/or I would send them by mail in a fashion that requires a signature upon receipt. Considering their track record though, I might get the names of about 3 people involved~ maybe the couple you spoke to and a manager of some sort and spend the extra $ to send 3 separate packages, all requiring a signature. If they give you the run-around after that contact an attorney!
What's even funnier (to me anyway) is that I recently received a Wells Fargo/Bank of America check from a client & since there's a BOA less than 5 blocks from me I decided to just take it there and cash it instead of driving it to my bank~ they wouldn't cash it, said the check was valid and the funds would clear if deposited in my account but that because it said Wells Fargo/Bank of America it would have to be cashed at Wells Fargo-- which is not a 'bank', it's a brokerage firm- they don't cash checks! It's all craziness & I don't understand why certain companies like this (and Charter Comm) are still able to engage in any sort of business practices with the American public!
Well hope the actual answer helps & thanks for the opportunity to give BOA a slam!

Alvin Said:

Who is the best lender to go with for the california first time buyer program?

We Answered:

http://www.calhfa.ca.gov/

This is the CA housing finance agency. Contact them. They are the ones in charge of getting the grant and subsidy money out there. Their only job is to help create affordable housing and assist low income and first time buyers. They should help you steer clear of the sharks.

Pedro Said:

Would a home lender approve a 35% front-end ratio for a mortgage loan in California?

We Answered:

you should be able to get the loan.

HOWEVER, you really CANNOT AFFORD THIS PLACE.

with a low income of 21%, your total housing ratio should only be 20% MAX.

You are setting yourself up for trouble.

Victoria Said:

Can a builder require you to apply for a mortgage with a specific lender?

We Answered:

YES THEY CAN.
I hate to disagree with everyone else, but you said you were required to "apply" with that lender, not required to use them. That sounds like they are requiring that buyers be "pre-approved" by their own lender, thereby letting the builder feel secure in your ability to close the deal.
Everyone else is that is is a violation of RESPA (the federal law governing loans on residential property) to require that a buyer use a particular lender, but it is very common in some markets, especially with builders and in foreclosures (when the banks sell their repossessed property, many of them (countrywide for example) require as part of the purchase contract that the buyer be prequalified through them.

As for the "hit" to your FICO score, I have found that most lenders understand that you may shop more than one lender when buying a House and are more than capable of taking that into consideration.