We pride ourselves on being able to close the difficult loans, without making life difficult on our clients. Here are four different examples of how we’ve recently made finances simple for our clients.....
NOTE: All names below have been modified to preserve client privacy.
The Difficulty - Mr. Smith had just started his own corporation in late 2013. Conventional loans require a two year history of self-employment, along with a two year average of earnings in order to qualify.
How We Made It Simple - We were able to qualify Mr. Smith with only one year of self-employment earnings (2014 tax return), allowing him to refinance without having to wait another full year. This saved him over $5,300 (refinance saved $442/month) because he was able to get a pass on the two year requirement. And we funded the loan in just 29 days!
The Difficulty - Mr. & Mrs. Thompson were just re-stationed by military orders with very little funds in the bank. Their new station was to be their long-term home, but they were sick of renting. Lastly, Mr. Thompson had 21 days before he had to leave the state on a short-term assignment.
How We Made It Simple - We were able to help the Thompson’s purchase a home using their VA benefits with absolutely $0 funds out-of-pocket. We helped them negotiate a seller credit that covered all third party costs, taxes, etc. and got loan documents in 20 days so Mr. Thompson could sign before leaving town. We closed the 30-day escrow with ease! Best of all, by showing them the income tax benefits and getting them a rate in the mid 3’s, their mortgage payment was less than relative rent on any comparable home.
The Difficulty - Mr. Jones had trouble qualifying with many lenders due to a second property he owned with a friend and his fluctuating self-employment income.
How We Made It Simple - We were able to exclude the second property from qualifying by showing payments made by another party...and we included income from an asset depletion calculation (way of using assets to give income credit) to make up for the lack of self-employment income. This got Mr. Jones out of his balloon payment loan, possibly saving his house.
The Difficulty - Mrs. Anderson had issues refinancing due to the lack of comparable sales in her neighborhood and corresponding low previous appraisals.
How We Made It Simple - We were able to acquire the value needed with our rebuttal of the original appraisal. By presenting comparable sales and supporting demographic information, we increased the value $25,000 from the original appraisal, which enabled Mrs. Anderson to complete her much-needed refinance.
HOW YOU CAN USE THIS:
We don’t back away from a challenge if we can help a client improve their financial position. Feel free to contact us if you have a question about a difficult financing situation...we’re here to help!