A young lady, active military duty, was referred to me by her Realtor.  She had been turned down at least twice for a VA loan and another Realtor in her office recommended me.  She was told if anyone could get her client approved for a VA loan, I could.  Statements like that, I admit, make me a bit nervous.  When I met with the client, I realized it would be an uphill battle because her total debt to income ratios were way too high for the price of home she wanted.  I cautioned everyone of this and told them that the loan would most likely have to be manually underwritten by a VA underwriter.  I was right.  Automated underwriting gave me a "Refer", so it was sent to a VA underwriter who denied the loan due to the ratios.  I was not ready to just give up.  I discussed a few things with another VA underwriter to make sure I was correct, made some necessary changes on the loan, put the loan back thru automated underwriting (DU) and received an approval with very few, and normal conditions! 

Once again, it was so satisfying to hear the excitement in my client's voice, as well as her Realtor's, when I conveyed the received answer, "Approved/Eligible" to them.  Not to mention, the sound of relief in the listing agent's voice.  Now this young lady can have her "home that's just perfect"!

This is what I love about my career!  I'm blowing my own horn but I know that most loan officers would have accepted the decline and gone on to other business, if they had taken the loan in the first place.  Almost 16 years of specializing in VA loans, along with a "How can we make this work?" attitude pays off for my clients.

As of July 14, 2008 FHA will implement - for the first time in history - credit score driven rules that will dictate the amount of Upfront MIP added to a loan and how much monthly MIP will be added to the house payment.  Upfront Mortgage Insurance premiums will range from 1.25% to 2.25%, based on the credit score.  The monthly MIP will range from .50% to .55%, based on the credit score.  Realtors, if you have potential FHA buyers, you need to get them "off the fence" so their loans are registered and locked before these changes occur.

June 25, 2008 - I just love days like this!  A short time ago, a client had been referred to me by a Lexington Realtor who was given my name by one of her fellow Realtors.  Her client, a single mother, had been turned down for a home loan and she wondered if I could help her client.  Upon interviewing her client, I determined that yes, it would be a challenge but I felt I could get her approved for a FHA loan with Down Payment Assistance from a non-profit organization. I told the Realtor and her client that I knew the loan would have to be manually underwritten by a FHA underwriter, that I knew it would not be approved thru the automated underwriting system.  After spending quite a bit of time working on my client's file, I submitted it and the loan was approved today!  You should have heard the elation in this single mother's voice when I told her!  It's a day like this that makes me feel good about my career because you get a real sense of satisfaction, and the indescribable joy from helping a hard-working mom get a home!