A single woman in Oceanside wanted to buy a home – she was a renter for all of her life. She had good income and credit scores, but significant credit card debt that prevented her from qualifying for a loan. Additionally she had no money saved for a down payment.
Although she’d talked to several lenders about qualifying for a home loan, the lenders she spoke to were unable to provide a path to a loan approval.
I collected her data and analyzed it. Then, she asked her daughter to help her review and understand the process.
Then I spent the time needed to explain the qualifying process and brainstorming ways to help this client and her daughter see the different ways she would qualify for a home loan.
Once her daughter understood the numbers, she loaned her mother the money to pay off the debt that was the roadblock.
Then, we qualified her for down payment assistance.
Once this was done, we approved her loan and she went shopping. She bought a 3 bedroom 2 bath home in Oceanside using down payment assistance for her down payment and an FHA loan for the balance.
Subsequently her daughter and son-in-law also purchased a home in Oceanside and I helped them with financing that purchase.
This home loan was successful because I took the time to listen and understand what the goals were, and was willing to be patient while these clients worked their way through the debt payoff process.