Alan and Yvette were excited first-time homebuyers with three full-time jobs between them. They found the home of their dreams and their realtor referred them to Robert Palumbo at First Centennial Mortgage for their home financing.
Robert began the loan process and discovered that Alan had a lot of debt and a low qualifying credit score. This did not present too much of an issue since Yvette had two full-time jobs as a nurse, as well as great credit. Robert continued to work with Alan, and within a short time, got the couple qualified and started into their homebuying journey.
Things were moving along well as they progressed towards the closing. Near the end of the borrowing process when it came time for ordering the Verification Of Employment (VOE), however, Robert received some shocking news. Yvette unexpectedly lost one of her jobs and recently took on a new temporary position. This no longer qualified them for their loan since the Debt-To-Income ratio was in excess, which also meant losing their accepted offer contract on their future home.
Robert reached out to the borrower’s agent and together they came up with a plan to keep the contract. Since the home’s appraised value came in higher than the seller expected, Robert was able to increase the loan amount and the seller issued a credit of the difference back to Alan and Yvette. In other words, the couple paid more for the home to match its value, but they received a closing cost credit from the sellers. With these funds, the homebuyers were able to pay off credit cards and a car loan, satisfying their debt and placing them back in good-standing.
With no further interruptions, they were able to purchase and move into their first-ever home. The couple was very grateful and gave these high remarks about their experience of working with Robert —
“Robert, you made it happen! Also, your communication is great. Each time I called you, you were always there to respond or text me. One of the things that I knew about you from the time I started working with you is that you always follow up. Thank you so much for everything!”
Our team of Loan Officers are here to serve you. If you or anyone you know is looking for home financing, contact your local First Centennial Mortgage loan officer today.