SUCCESS STORY: Approved to Purchase after being told NO
A recent client was a young, unmarried couple who wanted to purchase a home together.
They approached several lenders about qualifying for a mortgage and were turned down by all of them. Reason? The guy’s credit score was non-existent and the items that were reported on his credit report were all medical collection accounts from several years ago. This prevented them from jointly qualifying for a loan.
I collected their data and analyzed it. Then, I presented solutions to them:
- A tutorial on how to clean up the gentleman’s credit and build an acceptable credit profile.
- Two different loan programs that would allow the young lady to qualify for a mortgage.
Once this young couple reviewed the choices available to them, they chose to have her purchase a property in her name only. I approved her loan and she purchased a home which they moved in to 30 days later.
This was a successful transaction because I explored alternative solutions to their desire to buy jointly that would still get them to their end goal.