Four 30 day lates and they received a mortgage? ABSOLUTELY! This is a classic example that if you do your homework and do the following, you can accomplish a loan that is a "common sense loan".
•1) Do you believe in the loan and the borrower?
•2) Are there compensating factors?
•3) Is there a logical explanation for the lates or other derogatory credit that can be explained and substantiated with documented proof?
If you answered "yes" to all the above, take an application and let's begin!
My borrowers were trying to sell their home and 4 times, the closing was called off; and 4 extensions were executed for the next purchase. Each time they expected a closing, the borrowers did not make their mortgage payment, so they were recorded as 30 days late each time. When they eventually sold their home, the lender needed to re-pull their credit for their next purchase and issued a denial based upon the 4 mortgage lates.
The borrower came to me seeking to find a lender who would accept their situation. I documented the file to the max. I showed the extensions on their purchase. I showed the extensions on their sold home. I had them write a letter of explanation. I prepared a financial statement showing their total net worth. I wrote a letter to the underwriter stating why I felt they were credit worthy and emphasized their impeccable credit history prior to this problem.
I submitted all and soon received an approval.
Believe in the client? Believe in yourself and take that application. Yes, even in this tough mortgage market, it is possible!
Let's make it happen!
Ann Sabbagh
Vice-President
Seacoast Mortgage Corporation
508-243-1190
"When you choose me as your mortgage consultant, you also choose a financial planner who cares about your financial strength."
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