A recent client of ours found her dream house in Raleigh NC. It had everything she wanted; a one of a kind house.
She knew which rooms the kids would be in. She knew what changes she wanted to make to the house all their own.
She could feel what it was going to be like to have her family living in this new house.
It would be theirs in about a week.
Their loan was approved. They were packing.
And just like that… it almost vanished.
The Call Nobody Wants
Just 7 days before the closing, their lender called.
After the underwriters had another look at their most recent documents, they were going to have to turn down the loan. It turns out their loan wasn’t actually approved!
You see, they thought they were “approved”.
Actually, they were just “pre-approved”.
They are 2 totally different things.
Our client found this out the hard way.
The problem? Our client was a W2 employee with unreimbursed expenses on their tax returns (Schedule A – things like gas, entertainment, etc.).
Her lender was counting those expenses against her which disqualified her for the loan… with less than a week to go before closing.
The Sherry Riano Team to the Rescue
It’s a good thing our client is a tough cookie. The minute she got the news, she immediately looked around and found us.
She started to apply online, but thought a quick phone call would be best to save time. We’ve learned that a 15 minute phone conversation solves a lot of problems, and quickly!
After reviewing the particulars of her loan, we KNEW we could get it done ON TIME.
Underwriting guidelines have changed and you no longer have to count unreimbursed expenses like those which were impacting our borrower.
You just need a lender who ACTUALLY KNOWS the guidelines!
Our team swooped in, got everything we needed and closed her loan just in time! All told, less than a week.
Just another day at the office 🙂
Friends don’t let friends work with underwriters who don’t know their guidelines.
So next time, start with us at The Sherry Riano Team and you’ll never have that problem!