Working with high end home buyers can sometimes be a challenge. Sometimes they feel that they don’t have to do some of the things that the rest of us have to do to qualify for a mortgage.
My client was having a new house built and over a 3 month time period the purchase price changed 3 times and in turn so did the loan amount. As many know, when a new home is being built as extras get added, the prices can change very quickly. The problem was that my client was great on income and credit, but short on available cash.
The lender that I was working with required larger than 10% down above $650,000 and we were now above that mark. They were now looking for 15% down. They had the difference, but didn’t want to put out any additional cash into the transaction.
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I had to renegotiate the terms with the lender. They agreed to allow the same 10% down even above the $650,000 threshold, but required 6 months of mortgage payments as reserves, which ended up working with the clients.
When we let him know we got the lender to go along with what was needed, he sent an email saying that we deserved a big HUG and apologized for being a pain in the a$$.
