Now, if you want to know why, keep reading.
I'm closing on a property this week. And the buyer (who is my client and using one of my preferred lenders) had a challenging loan. What is a challenging loan, you ask? Well, let's look at the list of what makes a loan "Not too Challenging" below and we will compare that to the list of ones that are challenging:
Not Challenging Loan Types
1. You work a 9-5 type job you've been at for years, have 20% down, bring in quadruple what your mortgage would be, have no other debts or loans, credit score is above 700 and don't need to sell/rent a current home.
Challenging Loan Types
1. You owe money on a student loan
2. You owe money for a car or credit card
3. You work a 9-5 but don't make quadruple what your mortgage will be
4. You work for yourself
5. You work multiple jobs
6. You don't work even though you have a lot of money
7. You're retired
8. You currently own a home and will rent it or sell it when you buy another
9. You're getting a "gift" of money to help with the down payment
.....and on and on and on
Most people fall into the second category.
And just about every lender out there will tell you they can get your loan done for you and the sad, and stressful thing of this is....what if they can't? Just because they tell you they can, doesn't make it so. And who has the most to loose if they don't get your loan done? The home we are closing this week wasn't super complicated but every loan has it's hurdles. The lender I worked with is someone I've worked with for years and he is extremely good at what he does. And I know, if any fly-by-night lender was working on this, my buyer would have lost a lot. So please, when you are going to buy a home, ask your agent for some recommendations of someone they've worked with before and know are going to get the job done. It's for your protection and sanity that you do:)
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