How Roxie Got Her Groove Back!

By
Services for Real Estate Pros with Auto & Home & Life Insurance throughout North Carolina

Roxie Hollingford had a plan. Several years ago she took a calculated risk, sold her home and used some of the proceeds to start her own catering business.  Hard work, long hours, and high quality food were her business model.  With the remainder of the proceeds from the sale of her home, she saved for the day when her business was established and she could buy again.

Break out the Tiki torches.

Five years down the road, Roxie found herself literally down the road - just on the other side of town from her parents. She's eyed a 3-bedroom, 2-bath, 2,200 square foot home with a big back yard and a redwood deck. It was perfect for her love of entertaining. And it made all of her hard work seem worthwhile.

Roxy fell out of Conventional & Government Loan Guidelines because of her high Debt to Income Ratio and her need for a bank statement loan program. With a closer look and a gift of 10% down from her parents, a knowledgable Mortgage Broker was able to make this loan happen. Here are the particulars:

  • $289,000 purchase price
  • 80% LTV
  • 49% DTI
  • 605 FICO (Credit Score)

Now in her new home, Roxie has a place for everything and everything is in its place.

That example is just one of many situations that make a Bank Statement Program viable for Self-Employed Individuals.  When the time came that her financial situation was that so she could buy another home, Roxie may have gotten concerned.  Conventional & Government Loans really didn't have a product for her situation anymore.  Roxie put her situation into the hands of help.  A Mortgage Professional, staying in tune with the everchanging pulse of Loan Products available on the Market, knew the exact program to fulfill her specific needs.

Self-Employed Individuals have felt some of the wrath of stricter qualifying guidelines on Mortgage Loans.  Yet, hope is not lost.  If you are unable to document your income in the traditional capacity (W-2's, pay-stubs, 1099's, etc) Bank Statement Programs are still available.  Talk to a Mortgage Professional to explore your options and explore the details of such a program.  Whether you are looking to buy a home or refinance the current one you are living in, don't let your particular situation mess with your groove.  Consult an expert in Mortgages, if nothing more we can at least guide you in the right direction with a plan. 

Happy Memorial Day Weekend To All~

 

Jason Sardi

A Pretty 'Groovy' Mortgage Professional

First Choice Equity Group Inc.

610-439-2166 ext. 229

jsardi@fcegi.com

 

 

Licensed with the Pennsylvania Department of Banking

 

 

 

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Rainmaker
826,140
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Jason,

From the perspective of a 'title guy'...was her name Roxie, Roxy, Roxanne, or...I like getting the names correct from the beginning!!! :^) Thanks,   Fran

May 25, 2008 12:51 PM #16
Rainmaker
186,230
Cameron Wilson
Labrum Real Estate - Murrieta, CA
The Short Guy - Murrieta,Temecula,Menifee Californ

Roxie never lost her groove as she only set it aside for a time but it was always there and when she was ready she sought a Professional to help her make the Groove Better.

May 25, 2008 12:59 PM #17
Rainmaker
163,666
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hi Jason,

Nice to know you were able to help in this situation. Btw, who says "groovy" these days...;)

May 25, 2008 01:07 PM #18
Rainmaker
1,114,812
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR

Roxie was further helped by having wealthy parents.  So many people could never come up with that hefty down payment...nor could their parents.  Good story though.

May 25, 2008 01:20 PM #19
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Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS

Love a happy ending!  Good story - and good info for potential buyers, thank you.

May 25, 2008 01:51 PM #20
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

I especially liked this post as it goes about helping many to understand some of the possibilities that exist. You put the right words that will help many  and if even we have to do these things one at a time , do them we will. Very informative and a hopeful post for many that haven't  seen any in a while. Great Job and thanks for the lift up for many needing this.

May 25, 2008 04:19 PM #21
Rainmaker
337,585
Thesa Chambers
Fred Real Estate Group - Bend, OR
Principal Broker - Licensed in Oregon

Jason - way to go.... nice to see you - sorry I have been away more than I have been here     

May 25, 2008 05:00 PM #22
Rainmaker
157,322
Sandra Cummings
William Raveis Real Estate - Guilford, CT
Real Estate Agent, Guilford Connecticut

Jason - gee thanks....having that song stuck in my head is sooo much better.

May 26, 2008 12:06 AM #23
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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Jason, great success story. I had not heard of bank statement loans. But, with so many self employed people in our country it is good to know. The stated loans were actually started for them and got abused. Thanks for the heads up !

May 26, 2008 12:46 AM #24
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Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

Good job to the knowledgable mortgage professional.  And we have a dog named Roxie... cute but doesn't play well with others.  I think your Roxie is better at playing well with others.

May 26, 2008 02:12 AM #25
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Leesa - As always, thanks for reading.  I hope you're having an enjoyable weekend!

Gary - FHA is certainly a player in this and any other Market.

Fran - Got ya.  For purposes of 'Title' ... Roxanne would be the ticket:-)

Cameron - It's all about the grooooooooove ...

Suzanne - Don't you know, I'm the barometer for 'trendy' these days.  Actually, if that were the case, the trendy world would be going bankrupt:-)

Barbara - Not all that long ago, down payments were necessary.  Outside of VA loans, we are there yet again.  The issue becomes that home prices have increased and incomes across the board haven't necessarily followed suit.  I understand your point, financial education will continue to remain key in this capitalistic world we live in ...

Virginia - Thanks for stopping by!

William - We are living in a 'One Step at a time Market'.  There's a lot of product still out there for a lot of people, it's up to us to let them know of the variety of options still available. 

Thesa - Duty calls my dear, I understand.  Nice to see you as well.

Sandra - Between that and having to see Dan dance around the house in the attire he put out there in his last post, your existence is becoming even less enviable ;-)

Missy - Yes they did get abused.  I should note, there are programs out there that will not only allow for personal bank statements, but business bank statements as well.

Lane -  I think I may fear your Roxie:-)

May 26, 2008 07:44 AM #26
Rainer
209,246
Marc Grossman
Marc It Sold! - Longwood, FL
GRI, Greater Orlando Real Estate Broker

Sardi,  Excellent job!  Congrats to Roxie and yourself.

May 26, 2008 08:11 AM #27
Rainmaker
4,432,726
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Congratulations . You did a great job for Roxie and this will result in referrals.

May 26, 2008 09:41 AM #28
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Marc - Roxie wasn't an actual client in this illustration per se, just an example of an actual transaction.  I think we sometimes overlook what other people plan and do to put themselves in a position to fulfill their chosen dreams.  Thanks amigo, talk to you soon!

Gita - Thanks.  I heard it long ago and subscribe to it to this very day ... Referrals are the Lifeblood of our Business.

May 26, 2008 01:23 PM #29
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Tracy Santrock
Fonville Morisey/Santrock Realty Group, Inc. - Cary, NC
Raleigh - Cary Realtor/Broker In Charge

Timely article - self employment(stated income loans) have gotten pretty strict.  Thanks for the info.

May 26, 2008 01:44 PM #30
Rainer
48,039
Jolynne Photography, Creative Wedding Photography, Family Portraits, Bar Mitzvahs
Jolynne Photography - Hemet, CA
Bat Mitzvahs, Senior Pictures, Event Photography

The best year I had in the music industry I made $800. Of course, I made a lot more than that, but thank you Mr. Accountant.

Most years I lived off of a $300-$2000 loss. Makes grocery shopping hard.

Great post, Jason.

May 26, 2008 01:48 PM #31
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Tracy - Thanks!  I think it is important that folks know it is out there, for those that need it.  Have a great week!!

Joey -  I need to contact your accountant;-)  I came into this business from the Restaurant Industry.  That's a prime example of folks that just may need a product such as this.  Now send me one of your Groovy CD's!

May 26, 2008 03:16 PM #32
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Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

I think that it also shows the power of persistence too.  I work with a lot of people that can't qualify.  I tell them that I'll get them where they need to be in X amount of time.  3 of 10 people will work with you.  7 out of 10 stay discouraged and can't move forward.  This post is a great remiinder to persist under all circumstances.

May 26, 2008 03:34 PM #33
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Larry - Ahhhh, persistence ... what a wonderful concept!  You are so right here, the ones that persist ... are the ones who tend to eventually reap the rewards.

May 27, 2008 09:30 AM #34
Rainmaker
120,300
Sara Goodwin
Ashcroft & Associates - Portland, OR
Portland, Oregon Appraiser

So it sounds like Roxie might be single... may have a cat or two... Why would she need all 2,200 square feet?

May 27, 2008 09:54 AM #35
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