Your lender can’t do my loan but I found one that can.
This is the scariest sentence I hear from first time home buyers.
As a Realtor I work hard to partner with the best lenders in town. Lenders that have a proven track record. Lenders that know how to get deals with tricky situations done. Lenders with integrity. I typically have 3 great lenders to offer a client to call at all times. Occasionally people will not be preapproved with any of the 3 only to call 10 more lenders before getting someone to preapprove them.
These lenders, along with most of the others, have the same guidelines to follow to get a loan done. Many times loans are either backed by the government, FHA, or a loan conforming to Fannie Mae guidelines. So if they are saying they can’t get the loan done now, we need to find out why. Maybe you don’t have 2 years of job history, or your credit score is too low right now or you have too much other debt and need to pay some off.
Some lenders don’t have the integrity to “do their homework” and will “qualify” you now only to learn later that you don’t qualify. Not only is that heartbreaking for a buyer, but it is also very expensive. You may have paid for an inspection, an appraisal, a mover. You may have given your apartment notice and need to move pointlessly now.
So the moral of the story is you are ok to use a lender not recommended by your Realtor. It is suggested to find a lender that has been referred to you by someones, a family member or friend work as well. And, if a lender tells you that you don’t qualify right now ask why. If multiple lenders tell you the same thing and someone else doesn’t have that requirement than ask them why they don’t have that same requirement. Chances are they do, but just haven’t looked that far yet.
Looking for more info on how to buy your first home? Call Dawn today 480-540-8100 or register for a FREE first time home buyer class www.waclasses.com