Putting Credit Scores in Perspective
I want to tell you about a woman that came to me a couple of weeks ago that was completely frazzled and all concerned because she had been going through a divorce. The divorce had lasted years and years, and was finally coming to an end.
And some of you know that you have gone through a divorce, when you're settling everything out that your house is a big portion of a settlement and she needs to refinance. She was a little bit excited and worried that this wasn't going to go through because since the divorce had happened, she ended up hurting her credit.
So normally when you're doing a refinance, this isn't really a big deal. But because the divorce payments started becoming late and her credit started to get hurt, she had a large enough loan that couldn't qualify for lower credit score type programs; and had been turned down by her local bank, which she'd been with for years and years. And then went to an online bank, did an application, and they didn't even give her the time of day and just said this can't be done.
When she came to me, she was referred by a friend of a friend and was pretty much begging for some help for somebody to listen to her story and that's what I do. I love listening to people's stories to try and figure out what the structure should be on this loan to make it go through.
What we ended up finding out as they took her application, I asked lots and lots of questions and made sure that we're getting all the information that we can because there's always something else. There's always some way that we can twist things or move things around to make a deal work.
Well, as we were talking, yes, she did have a low credit score and we pulled her credit in and on its own merit would not qualify for a regular mortgage. But what people weren't recognizing was the fact that she had a ton of assets, a 401K, and had a great income and tons of equity; and all of those things mean a lot to Fannie May mean a lot to the conventional programs. It's not cut and dry. It's not just about a credit score or just about your income, it's about the whole combination and how you structure something.
So as we put her through the system, entered all her information in there and added in her assets and got the equity into the house. The great LTV a great appraisal that we got out of it.
We put it all together and we got her through - even with that low score - because of how we structured the program, showing the additional things that she hadn't been talking about to the other lenders and the other lenders didn't care to ask.
So we ended up saving her - now listen to this - we saved her over $2,000 a month and she can't even thank me enough. And in fact we are closing today on her file and she is ecstatic and it's time to celebrate because that's what this is all about. Getting loans for people and trying to make what some people think is impossible possible because there's always a way.
So here's the deal: if you, or your friends, or anyone you know is going through a divorce and needs some extra loving care in figuring out their mortgage situation to try and settle things out, give me a call. I'm here to help you and listen to the problems and figure out a solution for you. Call me.
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