When all else failed, what do you do? It’s called never gave up !!! I had a bona fide buyer with 803 FICO score, verified income of $200,000 – wanting to purchase a condo of $570,000 and was turned down by three lenders. Why????
It’s amazing how lenders today made horrendous requests on paper documentations for a loan. My client was turned down by Fannie Mae and Freddie Mac guidelines for the reason ‘ HOA reserve funds do not meet their guideline’. Then we approached another lender that claimed that they do not need HOA approval. Guess what, they request mountain high documentation of my client’s corporate a/c and then turned him down for ‘corporate P&L a/c did not meet the lending guidelines’.
Go figure – the bottom, lenders just do not want to loan on high rise condo project – PERIOD!
So when all else failed, what do I do ? Wrote a letter proposal to seller with a complete package of buyer’s loan application, credit report, verified income documents, bank statements and submit for seller financing. Wa La – seller accepted it!
All parties of the transaction appreciated each other effort of not giving up – that’s what we do the best for our clients!
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