Rhode Island Cultivator Loses Already-Approved Mortgage After Bank Gets Spooked By Sessions
Based on sheer Facebook bragging value alone, becoming a homeowner ranks just behind getting engaged and baby photos (which is tied with getting a new puppy).
So, you can only imagine how heart-wrenching it must be to think you have your mortgage all wrapped up and approved, a new home of your own within sight, just to have it ripped out from under you by the bank. Even worse, they reason they reversed their decision was because you work in the legal medical marijuana industry, but because of Jeff Sessions-induced fear and federal backing of the loan, you’re out of luck.
For one Rhode Island couple, this nightmare became reality.
Purchasing a house is an important event in a person’s life, partly due to how difficult and stressful the process can be to complete. John and Melissa Guardarrama received approval from Home Loan Investment for their new home in Pawtucket, Rhode Island in 2017. Then, on Jan. 8, John received a letter from the mortgage company detailing the reasons his loan decision had been reversed. The reasoning lied with his income source and line of employment, according to Go Local Providence.
Guardarrama is a cannabis cultivator employed by Summit Compassion Center, and Melissa claims the mortgage lender knew about John’s employer for months.
“[Home Loan] had all his income information as of last summer, they knew then where he worked,” said Guardarrama of her husband’s loan. “How do I tell my daughters if you work hard, you can get what you want, and then this happens?”
The hopeful homeowners picked suburban Pawtucket for its inclusion in the Ocean State’s first time home buyer assistance program.
Though representatives from Rhode Island Housing couldn’t comment on a specific loan application or decision, assistant deputy