Mortgage lender works with RN to buy Brookfield home

Mortgage lender: James Forte Property type: Single- family home in Brookfield

Purchase price: $ 212,900 Borrowing amount: $ 208,160 Loan type: 30- year fixed FHA Rate: 4.875 percent Background: The borrower was an registered nurse and worked two jobs. The borrower had decent credit and the 3.5 percent saved but she had a very tough work/ income scenario.

The borrower had her full- time job, which she only was on for about a year. She claimed at application to work a second job for more than two and a half years. When it came down to it and I verified the information. she did not work the second job for the entire year of 2017 and just started a few months prior to the application.

What this means is that she did not qualify, as her income from the second job could not be used as it was not consistent for two years. This was the reason why three other lenders declined her application.

Forte used all of the tools in the toolbox and got creative. Forte was able to analyze the credit report and make suggestions on paying down debt and also to refinance her auto loan to drop the payment by $ 250 a month.

In addition to this, Forte was able to use his resources and get the borrower a very inexpensive homeowner’s insurance policy, which was more coverage and a lower deductible than the higher priced policy borrower she had obtained.

With the combination of the lower homeowner’s insurance and restructured debts, Forte was able to get the debt- to- income ratio down to 57 percent, which is still the absolute highest any FHA lender would allow.

The borrower found her dream home and closed on it in record time. Just because you have been declined by a bank or another broker/ lender, does not mean you are not eligible or qualified. You just need the right person to handle your scenario.