Can Your Lender Partner Handle These 4 Common, Problematic Client Scenarios?

Please take a couple minutes to read these actual deals that we were able to save recently. This could happen to your clients and odds are you will be nodding your head while reading :) so have a look. This is why our referral partners fight for us to be the lender of choice.  #nomorenightmares





1. Your clients found their dream home (which won’t last on the market long), but have to sell their home first

We had clients who put their home on the market, and then quickly found and fell in love with a brand new construction home. The builder wouldn’t allow a non-contingent deal.  We were able to put a $100k line of credit on their listed home with minimal costs and interest only payments of only $400 per month. The borrower was able to close on the new construction home and after their previous home was sold, they paid off the two mortgages and used the additional net equity to pay down the new mortgage and recast the payment so the payment now reflects the lower loan amount. (This is a type of bridge loan we offer).


2. Downsizing & affordability challenges in retirement


Another client couple of ours retired and no longer could afford the home they lived in. We were able to help the Realtor sell this house and use the funds at closing to then turn around and buy a new single story home which was a much better fit for their future. We used a reverse purchase mortgage which allowed the borrowers to only use 50% of the cash proceeds from their old home and now have no mortgage payments for life. They took the other 50% and put it into retirement funds for future support.  They now have their forever home they didn’t even know they could have and more money per month to enjoy the future.


3. Overcoming self-employed buyer qualification issues


We had a client come to us after being told by their big box lender that they could purchase a $950k dream home. They got their current home ready to sell, listed it, and then were told they didn’t make enough money to qualify after their current home was under contract. We were able to get them into a bank statement loan using only deposits. Problem solved! The interest rate was about 1.5% higher than the normal going rates but we negotiated the seller to pay us 10k concessions at closing.  After they file 2019 taxes this year I will refinance them into a lower rate. Agent was about to lose a $400k listing and $950k purchase.  Now everyone is happy and paid. :)


4. Stop losing deals that drop out at inspection!


Another client of ours found an East Austin home they had a vision for.  After the contract was accepted and approved, an inspection revealed that the foundation needed repair, a new roof was needed, and when the appraisal came back the home only had a future life term of only 20 yrs.  This wouldn’t allow us to do a 30-yr fixed mortgage and the seller would not re-negotiate on the price or fix anything.


We were able to get a contractor out to the home and change the loan to a renovation loan using a normal 30-yr fixed product. The interest rate changed only by .125% in rate.  The borrower was able to not only fix the items we need to close but also add in new floors, paint, windows and landscaping.  His payment only went up by $300 a month and he will have a newer home within 6 months. After the work was completed, nothing changes and the normal 30 yr fixed product stays. We were able to close this loan in 30 days.


Do you have a lender who is great at solving problems and finding solutions that work for your clients? If your answer isn’t a quick YES, you might want to re-consider having another lender to refer, like us ;) Contact us today for any deals you are concerned with that we can assist you on.

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AJ.Miller@Fairwaymc.com Office Phone: 512-737-3711

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Copyright ©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. TX Location: 1800 Golden Trail, Carrollton, TX 75010. This site is not authorized by the Nevada Division of Mortgage Lending. This advertisement is not offered to customers contemplating mortgage financing in the state of Nevada. No mortgage loan applications for properties located in the state of Nevada will be accepted through this site. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367.  Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289.  Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.