MortgageDepot is a number one mortgage lender that has helped numerous people obtain their actual property objectives. Not too long ago, one among their mortgage originators, Julia Knurova, based mostly within the Hollywood, FL department, closed a mortgage deal for a consumer that confronted a number of challenges in the course of the software course of.
The consumer was a W2 new investor who needed to buy a rural single-family home in Virginia. They had been curious about acquiring a full earnings examine non-QM mortgage resulting from being two years out of chapter. The mortgage rate of interest supplied was 8.875% with no prepayment penalty. This lender had packages that allowed people to buy/refinance properties at some point out of chapter. Nevertheless, the property was positioned in a rural space, with no rental comparisons within the space, and the consumer had switched jobs inside the final two years, and a chapter on their credit score historical past.
To deal with these challenges, Julia labored intently with the lender to get an exception for the agricultural space. In addition they efficiently obtained a waiver for the appraisal rental schedule as a result of lack of information within the space. The borrower certified with out the extra rental money move, which was a major victory for the consumer. Moreover, the consumer was capable of present verification of employment that confirmed the next incomes potential at their new job, which helped ease considerations about employment stability. Lastly, the consumer certified underneath the second likelihood program, which is designed for people who’ve undergone current credit score occasions, similar to chapter.
In conclusion, the success story of this mortgage closing demonstrates the significance of working with a educated and skilled mortgage mortgage originator who can tackle distinctive challenges. Julia’s experience and dedication to her shoppers helped her overcome the obstacles and safe the financing the consumer wanted to realize their actual property objectives. If you’re in search of a dependable and reliable mortgage lender, MortgageDepot is a wonderful selection, backed by educated and skilled mortgage originators like Julia.