Getting approved for a mortgage can be difficult for people in certain situations. But don’t despair—here are three recent stories about people who had trouble getting mortgage funding, all with happy endings.
Story #1: Self-Employed
Approved 2nd mortgage to self-employed realtor whose credit a low credit score because of high utilization. Used the funds to pay off an existing 2nd and 3rd mortgage and some extra money for cash flow until they sold their home.
Story #2: Derogatory Credit
Couple with good jobs and income but slow credit needed to get out a high interest rate first mortgage and had been declined by 3 other lenders. Approved a new first mortgage to pay off all high interest rate credit cards, existing first mortgage, car loan plus some extra money for future renovations.
Story #3: Declined by other lenders
Approved first and second mortgage for an investor who bought a condo on spec a few years ago and whose closing date had passed, he had been declined by a few other lenders. Closed the deal within a week.