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We may do the same job but the outcome varies greatly
The family I helped purchase a home sent me this terrific mug in the mail - I love it! The message of "Keep calm, I'm your Realtor" hits home with these buyers of mine because they had a not-so-stellar experience with their lender, and the experience caused so much stress on them, the wife ended up quite ill.
But I'll get to the ending first. It all worked out beautifully in the end....with another lender.
Real estate professionals may all respectively do the same job but the outcome for the consumer varies greatly.
In this case, my buyers used a national lender to obtain a VA loan. There was a foreclosure in the past that had happened for the buyer. For lenders, there are guidelines on how to handle past foreclosures and there are timelines set. FHA-backed loans have different timelines than VA loans.
This particular lender used FHA guidelines for my client's VA loan. And this lender DECLINED the buyers. They stated they could not offer them a loan of ANY kind because of this foreclosure.
My clients called me in a panic. (Oh, by the way, the lender never informed me they declined them. I wouldn't have known unless my buyers told me.)
I ... more
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