Scenario: Clients were purchasing a primary residence with one applicant being newly self-employed (only 1 year of financials available).
Mortgage Required: $600,000
Obstacles: Husband is newly self-employed with 1 year of tax returns to confirm income (Banks require minimum 2 years for qualification) and we needed his income to qualify the deal.
What we accomplished:
– Got the lender to make an exception to use only 1 year for self-employment income
– We got the approval with husbands income and avoided paying insurance premiums
– The deal was approved at BEST RATES!
What’s more interesting:
We managed to save additional money for the client based on exception for self-employed income as the lender no longer required high-ratio insurance.
Result:
– Client avoided paying high-ratio insurance and got the best rates
– Deal approved with only 1 year self-employment income
– Ecstatic client with purchase, savings, and our service!
When banks said NO – we said a YES!