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 told them not to worry and to call my local go-to lender who I knew could fix this, and he did. He correctly applied VA guidelines for their VA loan and got these buyers closed ON TIME with no further appraisal fees or lender fees.
This story has a happy ending. It is just too bad that the experience was unnecessarily stressful for my clients.
There is a wide range of outcomes in any situation; not all real estate professionals are created equally; the internet is not the end-all for information. Need help? Not sure where to start? Call me for a straight-forward conversation about how it really works. And I'll be sure to connect you with the right local lenders that will make your lending experience a dream instead of a nightmare.