I just called my customer to let him know that his FHA purchase loan was approved with no conditions. As soon as he shouted out to his wife what I said I heard a loud scream. It was his wife screaming out for joy. He kept saying "so we can start packing now?" As if he was in disbelief.
These folks had a long road to homeownership. They were first time homebuyers who had some credit glitches from a previous divorce. We spent a few months getting their credit cleaned up and giving them some time to build up downpayment money. We finally got their credit score up to 622 (620 is the minimum for decent rates), got an Approval through Desktop Underwriter and selected a house. With this type of credit score, I knew the lender would give their application a little extra scrutiny. I knew we had to present them with a rock solid application and documentation right off the bat. I didn't want to give the lender any excuse to turn these people down. They didn't. We got an approval back with nothing additional requested from the borrowers.
These are the kind of transactions that make me enjoy this business. Sometimes as mortgage and real estate professionals we see these transactions as merely a business transaction and just part of our job. For customers like this, they see this as achieving their dream of buying a home. A home where they will raise children and build memories. I am happy for them.
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