MortgageDepot is a leading mortgage lender that has helped countless individuals achieve their real estate goals. Recently, one of their loan originators, Julia Knurova, based in the Hollywood, FL branch, closed a mortgage deal for a client that faced several challenges during the application process.
The client was a W2 new investor who wanted to purchase a rural single-family house in Virginia. They were interested in obtaining a full income check non-QM mortgage due to being two years out of bankruptcy. The mortgage interest rate offered was 8.875% with no prepayment penalty. This lender had programs that allowed individuals to purchase/refinance properties one day out of bankruptcy. However, the property was located in a rural area, with no rental comparisons in the area, and the client had switched jobs within the last two years, and a bankruptcy on their credit history.
To address these challenges, Julia worked closely with the lender to get an exception for the rural area. They also successfully obtained a waiver for the appraisal rental schedule due to the lack of data in the area. The borrower qualified without the additional rental cash flow, which was a significant victory for the client. Additionally, the client was able to provide verification of employment that showed a higher earning potential at their new job, which helped ease concerns about employment stability. Lastly, the client qualified under the second chance program, which is designed for individuals who have undergone recent credit events, such as bankruptcy.
In conclusion, the success story of this mortgage closing demonstrates the importance of working with a knowledgeable and experienced mortgage loan originator who can address unique challenges. Julia’s expertise and dedication to her clients helped her overcome the obstacles and secure the financing the client needed to achieve their real estate goals. If you are looking for a reliable and trustworthy mortgage lender, MortgageDepot is an excellent choice, backed by knowledgeable and experienced loan originators like Julia.