In the last week I was referred 4 borrower’s that were turned down by their local bank, credit union, or mortgage banker. One specifically was Carl. Carl was turned down the day before closing because he missed a late payment on his credit card and his credit score dropped below 640, which was their minimum required credit score. He was in a panic. He had already paid for appraisal and inspections and his lease was not renewed on his apartment where his family lived.
His Realtor gave me a call and explained the situation. Thankfully, as a … (4 comments)
persistence: To The Top of the Food Chain I Go!
- 05/09/14 04:49 AM
Sometimes you have to go to the top of the Food Chain to get things done! Dave's loan was almost closed. The only thing that the underwriter still needed was for the appraiser to re-inspect the home to show that the FHA required "deferred maintenance" was rectified. Dave had just finished having a contractor repair all of the required items the appraiser noted on her initial appraisal inspection. Some of the repairs were as follows: Peeling Paint, missing hand rails on the stairs, and rotting wood on the soffit etc. The appraisal reinspection was ordered as soon as we were notified that the … (5 comments)
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