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Stories of Mortgage Loans turned down by our competition

only to be saved and approved by our underwriters

The names have been changed to protect the privacy of our clients, but the stories are real

 

I had the opportunity to approve a first mortgage for a local couple who were downsizing. They were well qualified, as long as they sold their home – which was already under contract. The loan was quickly approved, the appraisal came in fine, and we were ready to close – just waiting for the folks buying their present home to close so they’d have the down payment funds.

A few days before the scheduled closing, I got a call from the listing agent who had referred client to me letting me know that the buyers for their home were at the last minute denied financing from another local lender. The local lender who denied them had referred them to another institution, who had also turned them down for financing so he felt the transaction was likely just dead.

I inquired about the circumstances of the other buyer, and was told that they had a foreclosure years ago, but it got tied up in the court system and had just transferred out of the buyers names a year ago.

I explained that we have loan programs that not all other lenders have, and I thought I might be able to come up with a solution. We actually have a specific loan program designed for folks that haven’t been out of bankruptcy or foreclosure long enough to qualify for traditional financing. So, the listing agent referred me to the buyer’s agent, who referred me to Joe and Mary Smith, the buyers turned down for financing.

I took an application, collected documents, consulted with our underwriters. I felt strongly that these folks had worked hard and deserved a home loan. While they had an unfortunate turn in life years ago, they had worked hard and saved their pennies. The had well re-established their credit, had saved a substantial down payment, and just wanted a home for their family. I was able to pre-approve them the same day.

The seller and the Real Estate Agents we skeptical since the Smiths had been turned down, but this loan is now closed and everyone is in their new homes.

Don’t take anyone’s word that your buyer’s loan request can’t be done – and if you’re the buyer give me a shot before you ‘throw in the towell’. If I can’t help you today, I’ll at least help you with a roadmap to homeownership and very possibly have you in your dream home quickly.

You’ll never know until you try!

 

Harry Krause

NMLS #404518

HomeBridge Financial Services

www.harrykrause.com

harry.krause@homebridge.com

 

 

Mostly true stories. The names have been changed for the privacy of our customers.

Stories of Mortgage Loans turned down by our competition

only to be saved and approved by our underwriters

The names have been changed to protect the privacy of our clients, but the stories are real

 

I had the opportunity to approve a first mortgage for a local couple who were downsizing. They were well qualified, as long as they sold their home – which was already under contract. The loan was quickly approved, the appraisal came in fine, and we were ready to close – just waiting for the folks buying their present home to close so they’d have the down payment funds.

A few days before the scheduled closing, I got a call from the listing agent who had referred client to me letting me know that the buyers for their home were at the last minute denied financing from another local lender. The local lender who denied them had referred them to another institution, who had also turned them down for financing so he felt the transaction was likely just dead.

I inquired about the circumstances of the other buyer, and was told that they had a foreclosure years ago, but it got tied up in the court system and had just transferred out of the buyers names a year ago.

I explained that we have loan programs that not all other lenders have, and I thought I might be able to come up with a solution. We actually have a specific loan program designed for folks that haven’t been out of bankruptcy or foreclosure long enough to qualify for traditional financing. So, the listing agent referred me to the buyer’s agent, who referred me to Joe and Mary Smith, the buyers turned down for financing.

I took an application, collected documents, consulted with our underwriters. I felt strongly that these folks had worked hard and deserved a home loan. While they had an unfortunate turn in life years ago, they had worked hard and saved their pennies. The had well re-established their credit, had saved a substantial down payment, and just wanted a home for their family. I was able to pre-approve them the same day.

The seller and the Real Estate Agents we skeptical since the Smiths had been turned down, but this loan is now closed and everyone is in their new homes.

Don’t take anyone’s word that your buyer’s loan request can’t be done – and if you’re the buyer give me a shot before you ‘throw in the towell’. If I can’t help you today, I’ll at least help you with a roadmap to homeownership and very possibly have you in your dream home quickly.

You’ll never know until you try!

 

Harry Krause

NMLS #404518

HomeBridge Financial Services

www.harrykrause.com

harry.krause@homebridge.com