Reviews of New Hampshire Community Loan Fund (Loan Agency)

scooby doo

Took 2 weeks to look at our app !! gave them 40 buck to tell us we where denied. Our credit was not great but not that bad. They are suppose to help people!!!! I think they rather take your money for credit checks when It IS free on line. DO NOT WASTE YOUR MONEY FOR A CREDIT CHECK

Kaleigh Ostrewich

Have had a great experience with this organization so far. They have been very attentive, professional, and responsive during our application process. We had been pre-approved with a different lender, but their restrictions on manufactured homes got in the way of a property we fell in love with. The application process is more strict and thorough than traditional lenders because it's a non profit. The interest rates can be higher than some traditional lenders, but I'm fine with that trade off when that money is going to getting more people into homes instead of the dicey ways many traditional lenders use their money. Hopefully, the future of this industry has more and more businesses/organizations following this excellent model.

dtphilbrick

Lost paperwork, rude people, no returned calls people always away from their desks, lost PAYMENTS, I could go on but they make me aggravated.

Kelli D

Their slogan "Opportunity for all" is not true. They only give some a chance.

TOP SECRET

Don't Be Fooled ! Protect Your Hard Earned Credit Rating. READ MY STORY! This agency claims it helps lower income people get a loan with a credit rating as low as 585. They charge a $29.00 application fee. I had over 700+ credit so I thought it would be a breeze to get pre-qualified. They state on the application to check a box for a specific an amount of money requested or to check a box to just get pre-qualified. I didn't even have a place picked out yet, so the loan officer I spoke to, Ron Thompson advised to just ask to get pre-qualified. I had been working with a realtor who suggested I do the same. The loan application was extensive and still not enough. After being asked to provide even more documentation over the period of two weeks, I waited another two weeks and heard nothing back. I placed a follow up call to check on the progress and got an answering machine. I left a message and didn't hear anything back for another whole week. I tried again on the following Monday and again, never got the courtesy of a return phone call ! Another week went by and I got something in the mail from them, a denial ! One of the reasons for my denial they said was insufficient income for the amount requested. I never even gave an amount, as this was a pre-qualification only ! The second reason was I didn't have enough cash on hand/or insufficient funds to close the loan. The reason why I think this company is a scam is based on their own claim, on their website, that if pre-approved for a loan, they will provide $3250.00 to put down on the home and or for closing costs! Plus I had $4,000.00 in the bank !!!! They sent me my credit score from all three credit bureaus. +716, +694,+653 ! It is clear to me this company probably collects $29.00 an application hundreds of times a day. Think about it. Just 10 application fees is $290.00 dollars ! Simple math if they do hundreds a day and just hand out unjust and incompetent credit denials with no solid basis and dont even give you the courtesy of a return call as they even did when I placed another call to inquire why they said the loan amount I requested was too much when I never even gave an amount, still no return call. SHADY, SHADY, SHADY ! AND my credit score that I worked so hard on over 3 years, got dropped by over 20 points !! Roll the dice if you want but I would look into other options first ! Good Luck. I hope this helps someone.

Bruce Lee

This company turned me down because I pay child support!! Their words. I jumped through more hoops then you can imagine all for nothing. Really paying child support puts me over the debt to income ratio for a $25,000.00 mobile home? I think not, that’s a car payment for Christ sake. I’ve been approved by two mortgage company’s that won’t do mobile homes for over $75,000.00 but a place from my own state of NH wouldn’t offer my family any financial mobile home mortgage help. Don’t believe the b.s. they scatter on their sites. They’re not really looking to help anyone that’s not completely perfect. I wish I didn’t have to leave the one star.

Brian Dillard

As the president of a cooperative, elected 2 terms in a row, it is my opinion that this organization is terrible to work with and does not care about the best interests of the cooperatives they work with. If you don't ask questions, maybe they are great, but if you look at the figures, their rates, what they actually offer cooperatives, and question things, that's where it all goes downhill. I had issues with them not responding to emails or phone calls, as a new board member, and noticed that they seemed to pick favorites on the co-op boards they work with (the ones who don't ask questions), and will completely ignore those on the board that they seem to not like. That was my experience with the last person we worked with, who spent most of their time partnering with specific board members they liked. We later got someone else to work with, but the previous representative works with other board members still, just refusing to work with some on the board. This all started when I questioned our interest rates and why because of that, they felt it was appropriate to be biased against me because of it. Ultimately, it is my opinion that the people I spoke with at the organization do not like board members that ask questions; especially when it is regarding our costs. Even our bank was receptive to questions and working out a change in our rate in order to help our community survive and help slow the process of our failing infrastructure. This so-called non-profit seemed far less concerned with our stability as a cooperative, and does not seem willing to work with us. Don't be mistaken, it's my opinion that their only concern is being profitable, which is fine, but they shouldn't pretend otherwise, and act like they offer equal representation for all communities and board members, as in my experience, that is just not true. Overall, I don't like the way this company works, as I believe they use fear tactics to get communities to become co-ops, regardless of the cost or whether it is something they can afford. In my opinion, our community bit off far more than we could chew when they became a co-op based on their recommendations and what I consider to be fear tactics based on what I have heard. When we first became a co-op, years before I was there, the rent went up substantially as soon as we became a co-op. Everyone was so scared of losing their home, they signed up by any means necessary. The interest rate we are paying for is far more than we are paying a for-profit bank, so I'm not sure what benefit we got from our involvement with this so-called non-profit company that is supposed to be there to help communities (while at the same time, being the company that loans money to the cooperatives and individuals buying homes in those coops)... It seems like there are endless conflicts of interests, and even the contractors we were referred to seem to be far more costly than some of the competition. In fact, we switched from using a contractor they referred us to that provided management, to using our own bookkeeper, and we were told that in new co-ops, have it in their contract to use a management company. Doesn't sound like the freedom that was pitched to my predecessors. Ultimately, I believe we will see a reversal of co-ops going back to being privately owned, or, if some remain, it will be because the residents are able to purchase the property on their own. In the situation my community is in, the way everything was structured initially, we will never be able to successfully purchase the property, or at least, not in my lifetime. It will be a forever mortgage payment that will be renewed every decade or so and the people who are here will eventually see further declines with little chance for the community's survival. I am all for co-ops, but I don't believe this company is for co-op's, as much as they are into creating new revenue streams for their shareholders.

J.R. D

Community Loan Funds interest is the highest around. They are suppose to help low income, but after financing with them for 5.5 years was told I did not qualify to refinance due to my income after being pre-approved and paying their application fees. I have excellent credit and they did not help in any way! Financed through another institution no problem.

Nicole C

All around lousy experience. Costs to apply, took forever to get a response and basically I had to chase them down to find out, have been denied twice although I can show consistent payment history but had some rocky spots many years ago which contributed to my low score. I dont get it, they boast about helping people yet it seems no one gets approved. Anyways go through 21st mortgage I had great luck with them no bs, didn't give me the run around and appreciated me as a customer.

Matt H

when everyone said NO! NHCLF SAID YES! we got pre approved found our home! Then got the underwriters approvals once we found our home! I can't thank Pam Macdonald enough! and now we're working with Pam.L also so far great! they do require a good amount of information but they need to know you're able to make payments. I had to pay off a few debts to even be looked at but was nothing. to be able to own our own place. to have a yard that our 3 kids so needed in an exalent scool district is amazing. a goal we thought was out of our reach is now a reality and we're just waiting in a closing date! don't believe all the reviews! This program is a step in the right direction for homeownership! listen to them and do what they ask of you and you'll be ok! thanks again NHCLF! DREAMS DO COME TRUE WITH A LITTLE WORK!