I applied for a refinance of my home mortgage with cash out to pay a second lien. I met all the qualifications including the fair market value from the appraisal and was denied the loan the night before the closing which was also last day of my rate lock. I was told that the investors did not like the comps used in the appraisal and due to a declining market value in the county I lived in. I presented HFA with another appraisal that I had done before choosing to go with HFA due to a lower rate and the investors still denied the loan. I had no idea that this could happen. I am shocked and dumbfounded.
BUYER DEFINITELY BEWARE!!!

Charged illegally $500 for application.
Made me prepare a whole file, at the last minute the declined the loan an kept the money.
They are a rip off.

This is the worst company ever!!! Don't use them. There workers are under paid and work as if they were in a sweat shop! Everything may look good online but its not. They will scam you and once you get to closing the numbers are not the same at all.

BEWARE!

Home Finance Of America will hit you surprising fees days before closing date so you will not have chance to back out.

I decided to go with (HFA) after shopping for a mortgage for our new home. Rates looked better and good faith estimate looked good. In addition to my primary loan I needed to take bridge loan which would cover me for a month or so before I would sell my existing house. I was planning to close it immediately after that. I verified number of time that this second loan would not have prepayment penalties. Just 4 days before closing Joe send me email which states that terms for the second loan have changed and there is prepayment penalties for the second load for 120 days in the amount of 5% of the loan! I was stunned and had no way of working it out. It was all blamed on "Investor" and they did not even change it from 120 days to 90.

But that's not it!

HFA has excellent float down option on the rate locking. Since our purchase process was longer then usual due to seller delaying closing my rate has expired and I called to set another float down rate before locking. Joe was out and his colleague open new float down rate for me which was better than previous. After that rates went down and week before closing I called to lock my rate. Joe H. told me that while he was on vacation the colleague locked me without float down option. And he told me than there is he could do!

People, BEWARE of Home Finance of America's unfair practices - even though they seem to be very nice and professional they will get you eventually when you will not have chance to change anything.

Eventually I got rate higher than I was anticipating and most importantly they I will have to pay 3 month worth of payments just because they introduced ridicules prepayment penalties on my second loan.