Today lenders are far more strict with their financing when you are buying a home. This is one of the main reasons why so many contracts never make it to settlement. One thing to remember is your financing contingency is only contingent on that which is present in the ratified contract. It's important to have a realtor/lender to help work through the typically problems below that can arise...
- You just found out that the purchaser for your listing is actually a 1099 independent contractor and not a W-2 employee.
- Your client made loan application using his/her gross income from 1099 without taking into consideration his adjusted income on his tax return.
- Your client has decided to switch financing programs from conventional to VA 15 days from settlement.
- You are 3 weeks from settlement and just found out that the condo your client has under contract is not FHA approved.
- Your client grossly overestimated his/her reserved funds and is just now realizing that they may not have the funds to close.
- Your clients purchased a brand new living room set two weeks from closing on credit and their credit score just went 5 points below the allowable minimum.
- You are assisting a client in a new construction purchase and the appraisal has come in low.
- The seller did not correct three of the home inspection items and the lender will not allow an escrow for repairs - settlement is in three days.
- Your client received a promotion of "Partner" in their medical practice. Unfortunately their base salary just decreased by 10% because of the year end profit sharing they will now receive.
Make sure you have the right team on your side to help you through the home buying/selling process and help you through the numerous issues that can arise. Feel free to contact me at 540.454.1551 or eric@e4realty.com anytime to get the representation and service you deserve!
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