"Can anyone get a loan now days"? Another great one is, "How am I going to get this guy to qualify now without stated loan programs?" I've been hearing this refrain now for over a month. The desperation has increased as lenders ratchet down on their underwriting requirements. But the dirty little secret is that their are plenty of loans still being closed, but you can't throw mud against the wall anymore and close files.
Bottom line, mortgage originators need to ask harder questions and work harder on their files. People can qualify for mortgages, but your knowledge of the industry is key more then ever for your clients success in attaining financing. As stated loans become more of a rarity, the ability to read tax returns and put together files correctly is going to be more important then ever.
Case in point, we had a borrower whom is a teacher approach us today, his wife was involved in a bankruptcy two years ago, so naturally at first blush we're thinking their is no way we can get this guy approved on a 350k loan. But after peeling back the onion, we've found out that he also in the reserves in the military, she has a nice income, and holy cow her credit isn't so horrible after all.
My point is that what we thought was not possible may in fact be possible and it's been sitting under our nose all along.
Comments(3)