“I pray you will be able to help us, because as you will see we are barely able to keep ourselves a float for the last 20 years. Moving would help us so much!”
I consider myself pretty savvy to know different loan products and how to figure out the best way to get a transaction done, but I am not willing to BS my way into or through a transaction.
This transaction is definitely something considered outside of “normal”. I wish I could fully understand what is normal and what isn’t. I suppose if the normal mortgage closing process has been taking too long for anyone getting a mortgage, than anything that is outside of normal will just take much longer.
After I reviewed the credit history, I let this client know what the challenges would be and what needs to be done to correct some of the issues and that I need to review this situation with a few lenders to see which one(s) would be interested in the mortgage.
Fortunately two lenders said they would entertain a mortgage application, but NO guarantees. Lenders that do mortgages that have challenges take longer, as there are just more hoops. I recommended that they allow 8 weeks for this transaction to be safe and realistic. I gave the client a pre-qualification so that the home search could begin.
I received a call from the Realtor they would be using and she informed me that she had never heard of such a thing and that her loan officer hadn’t either. I can’t explain the financial situation of the client, so just explained that this is how long it will take. We are starting off on the wrong foot for sure. Hope it gets better from here.
Situations like this are never easy but we’ll work through it to make sure the client becomes a homeowner.
Image courtesy of Scottchan/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.