You should work with an agent who is willing to go the distance to help you reach your goal. This is a story of what I did for a client who encountered an issue with his transaction.
Not all lenders are created equal.
I recently just got a veteran ratified with a non-VA loan. We initially submitted a VA offer, but sometimes sellers aren’t willing to entertain a VA offer because the home appraiser sometimes acts as a home inspector. This frustrates me because the VA loan is such an awesome program.
So, we had to get a little creative. My buyer had a high-balance loan, which means it’s above the conventional limits and below the true jumbo limits. The buyer had 5% to put into the transaction, so we brought the loan amount down to the 517 conventional limit and did a 5%-down loan with no mortgage insurance.
The buyer, however, was short $15,000 at closing. So I covered that gap with wholesale credit—this is something that you don’t see in the market because, in the event that the loan is paid off in six months to a couple years (depending on the contract), I would have to pay that money back.
There’s so much agility in being a broker like myself.
There’s so much agility in being a broker like myself. To be able to put that proud veteran into a home, to simply be able to step in and do a standard 5%-down product with no mortgage insurance and pick up the wholesale credit is a risk on my end, but that’s just the cost of doing business.
This is yet another reason why I absolutely love doing what I do. Going the extra mile and using my expertise to solve problems for clients is immensely rewarding for me. Not every agent will do that for you.
If I can serve you in any way, please feel free to reach out to me. I’d be happy to lend you a hand.
