Securing a mortgage can be a daunting task, especially for borrowers without a stable income and verifiable employment history. MortgageDepot Florida branch’s MLO Julia Knurova recently closed a loan for a contractor with no income or employment check. Despite facing several challenges, Julia’s determination and resourcefulness enabled her to find a suitable solution and help her client obtain financing.
Julia Knurova’s client, a contractor, sought to purchase a condo in Pompano Beach, Florida, but had no stable income or verifiable employment history. The client’s unconventional financial situation posed a significant challenge in finding a suitable mortgage program. However, MortgageDepot Florida branch’s extensive network and expertise allowed Julia to explore alternative options that could accommodate her client’s unique circumstances.
After thorough research and collaboration with her client, Julia identified a lender with a community program that qualified as a Community Development Financial Institution (CDFI). This distinction enabled the lender to provide financing to individuals based on factors such as FICO scores and reserves, rather than income and employment history. Julia successfully secured a conventional mortgage for a second home without the need for income verification. The mortgage interest rate was fixed at 8.75%, providing stability to the borrower over the long term.
Throughout the loan process, Julia encountered various challenges. Firstly, the condo association initially proved uncooperative, making it difficult to obtain necessary documents. However, through persistent efforts and effective communication, Julia managed to overcome this hurdle and secure the required paperwork. Additionally, finding a program that offered no-income verification for a second or primary residence while allowing gift funds for down payment and closing costs was another obstacle. It required extensive research and coordination with the borrower to ensure compliance with the lender’s guidelines.
To address the challenge of using gift funds for the down payment and closing costs, Julia collaborated closely with the borrower for several months. Together, they ensured that the funds were deposited correctly and seasoned for at least 30 days before submitting the loan application. This meticulous approach aligned with the lender’s specific guidelines, allowing them to approve the loan with 100% gift fund utilization. In the end, Julia’s unwavering dedication, resourcefulness, and effective problem-solving skills enabled her to close the loan successfully, helping her client achieve their homeownership dreams.
Closing a mortgage for a borrower with no stable income or employment history can present numerous challenges. However, as demonstrated by MortgageDepot Florida branch’s MLO Julia Knurova, with determination, research, and effective communication, solutions can be found. Julia’s success in securing financing for her contractor client showcases the importance of adaptability and persistence in the mortgage industry.