One of the best things a Realtor® can do for buyers is be well networked with lenders. Below is an actual email I sent out to some buyers that had been turned down by lenders because they were new at being self-employed. I have x'd out names and numbers but I hope it shows how we don't have to give up when someone turns us down for a home loan. It is important to get a home loan near to where you are buying a home so that funding is able to take place at closing and not have closing be delayed due to out of area funds not arriving on time.
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I'm sorry you have been getting turned down by your previous lenders but please consider the following. There are three lenders I would like you to speak with. I would be very surprised if at least one of these lenders isn't able to come up with a loan for you.
The first one is X with X Bank. This guy has gotten loans set up for my buyers who have been told by other lenders they would need to come back in two years, one year, etc. His cell is X and his office number is X. If there is a way for you to get a home loan, he will find it. The interest rate that X has is 5 7/8% with 3% down payment and 6% with $500 down payment through a government loan program called X that can be read about on the X website.
The next person's name is Y and his number is Y. Y1 and his wife Y2 own and work at Y Company and run through all the different national lenders to find loans for people. He also offers a home buyers' course that helps you to increase your credit score up to 100 points and many other things. His hope is that in doing the class you will want to get a loan through him of course. I received my loan on our home through Y. He did a no docs loan for me since I am self employed in real estate. The no docs loan is based only on your credit score.
The last one's name is Z, Vice President at Z Bank. His cell is Z and his office number is Z. I do know he will be out of town until Monday. He has a program called Approved for Life which is ingenious in my book. Why should we have to go about getting re-approved every time we go to get another loan?
The key things would be:
1) Talk with all 3 and explain your situation. Hopefully your home based business is somehow at least semi-related to either being an "occupation #1" or what husband's occupation used to be so that you can make use of the previous years of experience before you became self-employed. This is not an absolute requirement but would help if it fits your scenario.
2) Get a pre-approval letter from one of them (you are not required to get the loan through the one that provides the pre-approval letter)
3) Meet the requirements of the loan program
4) Pick the best loan option to go with to purchase your home
Let me know if I can do anything else for you in the mean time.
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Thanks!
Rob Lang, ePro Realtor®
Realty Executives, Hedges Real Estate
300 Rockfence Pl, Lawrence, KS 66049
785-393-2274 (cell) 785-542-1661 (fax)
rob@LetRobDoIt.com (same website name if you want to visit)
Rob Lang, ePro Realtor®
Realty Executives, Hedges Real Estate
300 Rockfence Pl, Lawrence, KS 66049
785-393-2274 (cell) 785-542-1661 (fax)
rob@LetRobDoIt.com (same website name if you want to visit)
NOTE: This blog was written in the past about properties on the market at the time of the blog being written and should not be considered as active listings beyond the date of this blog.
