Janesville Mortgage Success Story: Kory and Caitlin
Kory and Caitlin were married a few months ago and decided it was about time to make the next step and purchase a starter home and apply for a Janesville Mortgage to start a family in. They said they looked for about 2 or 3 weeks when they found the home they wanted to buy in their price range. When they contacted a Realtor to see the home, they were told to get a pre-approval letter before she would let them see the house. Kory and Caitlin were a little upset about this because they said they didn’t want to go through the process of having their credit pulled to see if they were credit qualified if they didn’t like the house they wanted to buy. They had read on the internet that pulling credit hurts their credit score.
They had heard through a previous client that I had refinanced that I had done a great job and they gave Kory and Caitlin my phone number. I was very gracious and appreciative of the referral and instantly remembered helping their friends refinance their Janesville Mortgage. I listened intently to their concerns before proceeding with the prequalification. They mentioned that they had just gotten married and spent a lot of money they had saved up on the wedding. Immediately this raised questions that would concern any underwriter. They mentioned they had about $4,000 left in savings, but this was just barely enough for the down payment on the Janesville Mortgage.
I pulled their credit and determined that both borrowers were qualified with a 664 and a 661 credit score. Both Kory and Caitlin worked at the same employer for over 4 years each and had lived together for a little over a year. Their income was enough and within the guidelines for FHA financing. Their Janesville Mortgage could be had with a little bit of help.
It was necessary to have Kory and Caitlin create a few letters of explanation for our underwriters. The letters of explanation had to do with the large withdrawals from their savings in the past few months. They explained in the letter that they had gotten married and they used the funds to pay for the wedding and honeymoon. A second letter of explanation had to deal with the residence history. The applications require two years of residence history and both Kory and Caitlin had lived in separate apartments over a year ago. They explained this as well and that they had moved in together and that is why there are two separate residences listed on the application and credit report. These letters would be necessary to secure a Janesville Mortgage.
The next hurdle had to deal with the offer to purchase. I pre-qualified Kory and Caitlin for the purchase price contingent on seller paid closing costs. I spoke directly with the Realtor and between the Realtor, Seller, and Buyers, we were able to come to a general consensus on a final price that would be satisfactory to all three parties.
After I received the fully executed Offer to Purchase, we had the appraisal, home inspection, and title done. I submitted the file to underwriting 8 days after receiving the call from Kory. We received the conditional approval 48 hours later. The closing was scheduled for 5 days later at the seller’s title company. Kory and Caitlin was now approved to close on their Janesville Mortgage.
You could also receive this level of service if you are in need of a Janesville Mortgage for your new home purchase. I give a professional approach and get the job done. Reach out to me at (920) 623-9242. I will provide you with your very own FREE financial analysis.
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