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Sometimes it pays NOT to listen to the "experts"
Local Couple Buys First Home - At Best Interest Rates - Less Than 3 Years After A Chapter 7 Bankruptcy!
 
Here's the story of another nice couple that I the pleasure of serving. Two borrowers were buying a home. One had a Chapter 7 bankruptcy discharged 2 years ago. The other had never filed bankruptcy but they both had a few credit glitches. Initially the loan was approved but the rate, as usual, was about 3 % over the best conforming rates available due to the credit. Still they were happy and couldn't wait to move into their first home. Especially since they had little money to put down. But, I wanted more for them. So after they signed their application I went to work. I then negotiated the rate down about 2.125% lower than the client was willing to pay! They were really happy now. So...I kept fighting, and trying different programs and then, while looking at the automated approval, I noticed the income entered from the application was a little less than what the borrowers actually made. I pointed this out and asked that the higher income be used -and the system approved the clients at the best rates available! ... more

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