Recently, a co-working in my office ran into a little situation which could have ruined a deal for her buyer client.
The buyer, wanted to purchase a condominium in the mid to lower $200,000. As recommended by any REALTOR, she instructed her client to seek financing before searching for a home. Like most of today’s buyers, they didn’t have a large down payment; I believe it was roughly 5% and after speaking with a mortgage broker, the loan that best fit their needs was a Fannie Mae product. My co-worker, having years of experience with this sort of loan, knew condominiums would have stringent requirements. She took it upon herself to ask the mortgage broker for a breakdown of the requirements and made sure any property they showed interest in, could qualify for the loan. She also confirmed with the mortgage broker that this loan was the right choice for her client.
Soon enough the buyer found a condominium, negotiated an agreed price and signed the offer. Before which, my co-worker spoke with the mortgage broker about the Fannie Mae requirements and confirmed this purchase would close.
Literally, 8 hours after the accepted offer, the mortgage broker soon discovered, under his guidelines, the unit did not qualify nor did the buyer qualify for a loan. Here’s the issue; since the mortgage broker was a secondary, "re-seller” for Fannie Mae, the already strict guild lines become stricter. The Mortgage broker, not being well versed in Fannie Mae lending, didn’t understand ALL the requirements at the time of the pre-approval and now could not qualify the buyer for a loan once a FULL application was filed.
As you can imagine the buyer was upset to say the least. My co-worker asked me for some help and in less than a few seconds I handed her a name of a trusted mortgage consultant who… Saved the day!
As REALTORs, we have a short list, of very good, qualified and trusted mortgage professionals who will get the job done. Always talk to your friends and family or anyone you may know, who has recently purchased a property, for their recommendations. Remember the less you put down and specialty loans will have more requirements to qualify. Always ask questions, no mater how dumb you might think they are.
For more about Fannie Mae visit: www.fanniemae.com
Tags:
Fannei Mea , Waltham , Home Buyer , REALTOR , Financing. loans
Kenneth Brown
