Every week we share three stories about how homebuyers and homeowners are achieving their goals with MFI as their partner. Click below to read more.
A self-employed borrower had his eyes on a highly desirable condo for nearly four years when one day it finally came on the market. Excited, he knew he could not miss out on this once in a lifetime opportunity and called us the same day to get pre-approved. We reviewed his documents and noticed his pay structure was a bit unique, but knew we had the perfect program for him. By using his bank statements as an alternative to paystubs, we could document his large deposits and distributions he received from his business to calculate his monthly income. This helped get him his maximum pre-approval amount and put him in a position to make his move. The next day, the seller and agent accepted his offer over a handful of others because they knew about our local reputation and ability to close deals quickly. 22 days after the property hit the market, all paperwork was complete and a once hopeful dream of owning this home had finally turned into his reality.
A first time home buyer was working with his local credit union to purchase the home he was currently renting out from his landlord. Neither he nor the seller opted to use a Realtor, so when the seller went dark for nearly three weeks, the buyer became concerned. In a panic, he thought that the lack of communication from the seller and lack luster service from his lender would delay his loan, so after reading about us online, he gave us a call. As soon as we met with him, he noticed the difference in our hands-on approach, and felt educated and informed about his options. We not only helped get his loan approved quickly, but stepped in and communicated directly with the seller and ensured that all parties were up to date throughout each stage of the process. After we closed, the buyer was so pleased we’d went the extra mile, he’d already referred three of his friends to us to take care of next!
After selling their home and moving across the country, an elderly couple was temporarily living out of their campsite trailer while they searched for a more permanent place. They were working with another lender who wasn’t meeting their expectations or accommodating their needs for a low down payment program, so their Realtor referred them to us. The borrower was a former Veteran with costly medical expenses, so we searched loan options to fit their budget and pre-approved them for a 0% down VA loan and down payment assistance grant that would cover all of their out of pocket costs. Several months later, after losing out on a deal because of seller renegotiations and repairs, they finally found a multi-unit home that provided multiple benefits: an ideal location and additional rental unit to offset their new mortgage payment. After living in a cramped space, battling bad weather conditions and medical treatments, they were thrilled to finally move out of their tiny trailer and into their newfound treasure!
Two siblings were living together in a home they inherited several years after their parents passing and decided it was time to make some decisions about what to do with the property long-term. The sister wanted to get a place of her own while her brother preferred to stay in the house. Because they each had an ownership interest within the property, they reached out to us for advice on the best plan. We explained that even though the sister was the only one on the current loan, she could sell the home to her brother through a gift of equity. Without a Realtor covering the transaction, we helped them execute their purchase, adjusted their loan amount to all cover closing costs, and got them each their equal share of funds. Both siblings were able to benefit financially without letting the house they grew up in go, and are now enjoying their independence and their individual homes.
A homeowner was up against the clock when his 10-year interest only mortgage was set to amortize into both principal and interest – resulting in a whopping $1,500 per month increase. He had to get out of his loan and after receiving no results and failed promises from five other lenders, his Realtor advised he speak with us. Upon reviewing his documentation, completing his refinance before his current loan would amortize was not the only challenge. He had complicated income that stemmed from multiple investments and credit in need of repair. We patiently but swiftly worked with him to restore his credit and found a loan program that met his income structure and financial needs. Not only did he get out of his high rising loan, but with his new mortgage and lower rate he’s now happily saving nearly $2,000 a month!
After claiming bankruptcy and foreclosing on their home years ago, a couple was nervous but ready to buy again. Initially, they began the process with another lender, and during the week of their scheduled closing, a routine automated bank transaction was mistakenly flagged as a late payment on their credit report. Because any recent lates are not allowed in cases of prior foreclosure, the bank denied their loan and they lost out on the home. Feeling discouraged, but ready to try again, they came to us with little hope. After reviewing their loan options, we then documented their past financial hardships and wrote a letter of explanation for their late payment error. This painted a clear picture of their past and present financial history, and allowed us to approve them for their new construction property, building not only a new foundation for their new home, but their future.
A couple was working with another lender after making an offer on a one-of-a-kind home they had fallen in love with. On the day before Thanksgiving, 14 days before closing, the lender denied their loan because they didn’t know how to properly document their non-traditional teaching income. In a panic and afraid they might lose the home and their initial deposit, they called us in desperation on Thanksgiving day. We met over the weekend, quickly assessed their file and determined we could use the borrower’s semi-annual income as long as we documented it properly. With 12 business days to go, all crises were averted and we closed without a hiccup.
A couple expecting their first child was working with another lender, but receiving lack luster service. Feeling their best interests were not being met, they were referred to us for a second opinion. We looked at their complete financial profile and found multiple options that would work with their budget. We showed them how we could offer a rate lower than the other lender, require 5% less down, and suggested a flexible mortgage insurance option that would result in a lower monthly payment. Beyond the savings, they were thrilled with our customer service and chose to work with us over the other lender. We had barely finished closing on their new home when they contacted us about a future transaction.
After searching for more than a year in a highly competitive housing market, our client was becoming discouraged. She’d lost out on many homes and was once again placing an offer on a property that had multiple bidders. But this time, the listing agent was familiar with us. We had just worked together on another of her listings that had a 19 day transaction that went smoothly. Our client’s offer wasn’t the highest, but we committed to an 18 day close that the agent knew we could get done. Our reputation won the deal and our client’s offer was accepted. Eighteen days later, her long search had come to an end and her persistence (and ours) was rewarded.
A potential buyer came to us with high hopes after several lenders had turned him away. Upon reviewing his information, we discovered he had complex income that included stock sales and capital gains. We told him we’d dig deeper than the other lenders, and would be able to use his supplemental income to help qualify him for a good loan without any issue. Since he was a newer resident to the country, we also coached him on how to raise his credit score, which helped him qualify for a rate and loan program that worked best for his monthly budget.
A self-employed borrower and his wife were already in contract on a home, but ran into a roadblock when their lender couldn’t properly calculate their income. The client owned multiple companies in different countries, including one that was in the process of being sold. He also had retirement income and a stack of tax returns that was thick and cumbersome. Under pressure from the sellers, the clients were referred to us by their Realtor and we met to discuss their situation. We told them we could get the loan done, but needed all documents upfront. Then we worked directly with their accountant to analyze their taxes and income. We were able to quickly submit their file for approval, get the loan funded and win over the confidence of the Realtor and our clients.
On an autumn vacation to the lake, a couple fell in love with a waterfront home and put in an offer. But they went home disappointed when the sellers turned it down. Months later, in early December, we called our clients with good news – the sellers would accept the offer if we guaranteed to close by the end of the year. Thousands of miles away and with only three weeks to go, our clients uploaded their financials and signed documents electronically using our Home On Time® App, and we got started on their loan. Meanwhile, we were told the home required a new septic system, which needed to be installed before closing. Determined, we got the installer to commit to our timeline so we could ensure there would be no delays. After consistent follow up, we received the completed septic cert the morning of closing and by the end of the day, our clients were the new owners of a piece of waterfront paradise.