We get you great loan rates—and way more. We deliver successful closings under tough challenges for Fairfield County borrowers, like these:
Condo with Negative Equity
Our borrower was paying a whopping 6% on their condo mortgage, but refinancing was tough because the condo had fallen in value. Using Fannie Mae’s DU Refi Plus™ program, we refinanced the condo for 105% of the condo’s appraised value, covering all the closing costs and paying off the existing note. RESULT: A 30-year, fixed rate of 4%.
Mortgage Despite Impaired Credit
With less-than-perfect credit, our borrower was able to purchase a single family home. We arranged an FHA loan for 96.5% of the purchase price. RESULT: A 30-year, fixed rate of 3.750% and a successful closing.
Stated Income Mortgage Approval
As a self-employed attorney, our borrower lacked the income history demanded by lenders. We arranged a “stated income” loan at 65% loan-to-value ratio. RESULT: The homeowner refinanced to save $600 per month.
Borrower Buys Home from Spouse in Divorce
A borrower going through a divorce needed to buy out the spouse’s share of the marital residence, which had no mortgage. We worked with the borrower’s attorney to structure the divorce decree to meet lending standards. RESULT: The borrower qualified for a 5/1 ARM at 2.5% and was able to stay in her home after the divorce.
Educating a Lender about Seasonal Income Fluctuations
Our self-employed borrower owns two retail stores, including a store in Martha’s Vineyard that earned a year’s worth of income during the summer months and lost money in the off-season. Lenders don’t like fluctuation in monthly income, but we got lender comfortable with the seasonality of the borrower’s business. RESULT: A successful closing.
Making the Case for Self-Employed Income
Normally, lenders insist on a full two-year track record for self-employment income. Our self-employed borrower had only a 13-month history with his new company, but he had worked in the same capacity for similar businesses for 20 years. We showed the lender our borrower’s sales orders for the rest of the year, making the lender comfortable with the limited track record of his recent income. RESULT: A successful closing.
Turning Around a Turn-down
A borrower came to Westport Mortgage after another lender unexpectedly turned him down for having insufficient income to qualify for the purchase of a new home. We closely analyzed the borrower’s tax returns and arrived at a higher qualifying income, which we submitted to our lender. RESULT: The home purchase closed on the originally planned date.
Improving FICO Scores to Qualify for a Loan
A new home buyer discovered that he didn’t qualify for a mortgage because his credit was rated less than perfect. We carefully coached our borrower on how to make his case to the credit agency for an upgrade. After one week of following our instructions, our borrower’s FICO scores were high enough to qualify for the mortgage. RESULT: A home purchase closing within 45 days.
